. Issued stock to the owners in exchange for original investment of $120,000 cash (i.e. $60,000 cash from each owner). 2....

. Issued stock to the owners in exchange for original investment of $120,000 cash (i.e. $60,000 cash from each owner). 2. Purchased $5,000 of inventory on account. 3. Borrowed $25,000 on one-year note payable. 4. Purchased land by signing a $50,000 note payable and giving a $20,000 cash down payment. 5. Paid $2,000 of accounts payable. 6. Purchased two delivery trucks for $30,000 each; paid $50,000 in cash and signed a 6-month note for the balance.