The following transactions occurred at Horton Inc. during its first year of operation: a. Issued 100,000 shares of common stock at $5 each; 1,000,000 shares are authorized at $1 par value. b. Issued 10,000 shares of common stock for a building and land. The building was appraised for $20,000, but the value of the land is undeterminable. The stock is selling for $10 on the open market. c. Purchased 1,000 shares of its own common stock on the open market for $16 per share. d. Declared a dividend of $0.10 per share on outstanding common stock. The dividend is to be paid after the end of the first year of operations. Market value of the stock is $26. e. Declared a 2-for-1 stock split. The market value of the stock was $37 before the stock split. f. Reported $180,000 of income for the year. Required 1. Indicate each transaction