Date Transaction(s) - Note: All amounts are in US dollars 1-Jun Wind Riders, Inc positioned itself for an IPO (Initial public offering). After registering with the SEC, the company was authorized by its board to issue 1,000,000 shares of common stock with a par value of $1.00 per share. The company issued 100,000 of those shares in its IPO. The stock price at the time of issuance $5.00 per share. 1-Jun Received and paid a bill for a one-year insurance policy $12,000 2-Jun Purchased a variety of equipment for a total price of $215,000 from a manufacturer, Equipment included: Sailboats - $26,000, Fon System - $12,000; Pool Structure - $150,000, and land $27,000 The company used $60,000 in cash and the remainder was financed through a Note with the bank Note: The sallboots have a useful fe of 10 years and a salvage value of $2.000. The Fan system has a useful life of 20 years and a salvage value of zero. The Pool Structure has a useful Wife of 20 years and a salvage value of $10,000. The note has an interest rate of 10% and is paid annually every June 1. fi.e. the next payment due on the note will be 6/1 of next year) 2-Jun Bought additional boats from Larkin Mfg, for 7.200. Paid 3.200 down and the remainder will be due in 30 days. Mote: These boats have a salvage value of 500 and a useful life of 10 years