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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
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 $81,000 total cash from the six investors, each investor was issued 9.500 shares of common stock with a par value of $O10 per share b Purchased equipment for use in the business at a cost of $29,000, 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 S230 per week for cleaning the corporate ofices next year d Received an additional contribution from investors who provided $4,100 in cash and land valued at $26,000 in exchange for 2,100 shares of stock in the company e Lent $3.600 to one of the investors who signed a note due in six months f Ted Granger borrowed $8,100 for personal use from a local bank, signing a one-year
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