what is needed to be done here?

1. Oruncrs Irvestments. James and lohn Shannon thle articles of incorporation with the state and receive their charter. To begin theur new business, they unvest 550,000 in Shannon Really. Inc.. in exchange tou 5.000 shares ot 510 par value stock. The first balance sheet of the new company wauld show the cash asset as well as contributed capital Common Stocki oi the owners: Purchase of Assets with Cash. Attet a goud location ts trundi. the compan purchases with cash a lut for 510000 and a small buitding on the be tor 525 (100. This transaction does nos thange the tutat asmete lubiliris5 or the stockiolders equitv ot Shamnon Reali. Inc bud d1 des change the composition ot the assets-decressing Cash and tncitaning. Land and Building: Purclase of Asset by Incuring a liobility. Assuts de not alrax has t tw be purchased with cash. They mes alsi be purchased un fredis. that 15. on the basis of an agreement to pay lor then later. Sappost the company buvs some supplies ior the oifice ror 5500 on credit. This transaction incresses the assets iSupplies) and increases the habilities oif Shannon Realty. Inc. This liabilits is designated by an account calied Accounts Pavable