Transaction Analysis and Business Activities

The accountant for Compton Inc. has collected the following information:

Compton purchased a tract of land from Jacobsen Real Estate for $$1,005,000$ cash.

Compton issued $2,000$ shares of its common stock to George Micros in exchange for $$110,000$ cash.

Compton purchased a John Deere tractor for $$68,000$ on credit.

Michael Rotunno paid Compton $$8,000$ cash for services performed. The services had been performed by Compton several months ago for a total price of $$11,700$ of which Rotunno had previously paid $$3,700.$

Compton paid its monthly payroll by issuing checks totaling $$36,850.$

Compton declared and paid its annual dividend of $$6,000$ cash.