$[$The following information applies to the questions displayed below.$]$

Athletic Performance Company $($APC$)$ was incorporated as a private company. The company$$s accounts included the following at July $1$:

Accounts Payable $ $6,950$

Buildings $239,000$

Cash $12,600$

Common Stock $350,000$

Equipment $28,750$

Land $109,000$

Notes Payable $($long$-$term$)40,500$

Retained Earnings $0$

Supplies $8,100$

During the month of July, the company had the following activities:

Issued $3,500$ shares of common stock for $$350,000$ cash.

Borrowed $$52,500$ cash from a local bank, payable in two years.

Bought a building for $$233,750$; paid $$51,750$ in cash and signed a three$-$year note for the balance.

Paid cash for equipment that cost $$205,000.$

Purchased supplies for $$14,000$ on account.

Required: