The following information applies to the questions displayed below.) Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $70,000 total cash from the six investors; each investor was issued 8,400 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $18,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months) c Signed an agreement with a cleaning service to pay $120 per week for cleaning the corporate offices next year. d. Received an additional contribution from investors who provided $3,000 in cash and land valued at $15,000 in exchange for 1,000 shares of stock in the company e. Lent $2,500 to one of the investors who signed a note due in six months t Ted Granger borrowed $7,000 for personal use from a local bank, signing a one-year note. The following information applies to the questions displayed below.) Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $70,000 total cash from the six investors; each investor was issued 8,400 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $18,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months) c Signed an agreement with a cleaning service to pay $120 per week for cleaning the corporate offices next year. d. Received an additional contribution from investors who provided $3,000 in cash and land valued at $15,000 in exchange for 1,000 shares of stock in the company e. Lent $2,500 to one of the investors who signed a note due in six months t Ted Granger borrowed $7,000 for personal use from a local bank, signing a one-year