The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. a. Received $50,000 cash from owners in exchange for common stock. b. Purchased land for $20,000, paid $5,000 in cash and signed a 2 -year note for the remainder. c. Bought $900 of supplies on account. d. Purchased $10,000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction (c). LANTANA COMPANY