the following events occurred for johnson company: received investment of cash by organizers and distributed to them 1,130 shares of $1 par value common stock with a market price of $10 per share. purchased $7,500 of equipment, paying $1,300 in cash and owing the rest on accounts payable to the manufacturer. borrowed $5,000 cash from a bank. loaned $1,400 to an employee who signed a note. purchased $23,485 of land; paid $7,000 in cash and signed a note for the balance.\