The owners initial investment consists of $$38,500$ cash and $$45,970$ in land in exchange for its common stock. The companys $$18,450$ equipment purchase is paid in cash. Cash paid to employees is $$2,260.$ The accounts payable balance of $$8,900$ consists of the $$3,710$ office supplies purchase and $$5,190$ in employee salaries yet to be paid. The companys rent expense, telephone expense, and miscellaneous expenses are paid in cash. No cash has yet been collected on the $$15,620$ consulting revenue earned.