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Atkins Advertising Agency began business on January 2, 2010. The transactions entered into by Atkins during its first month of operations are as follows:a. Acquired its articles of incorporation from the state and issued 100,000 shares of capital stock in exchange for $200,000 in cash.b. Purchased an office building for $150,000 in cash. The building is valued at $110,000, and the remainder of the value is assigned to the land.c. Signed a three-year promissory note at the bank for $125,000.d. Purchased office equipment at a cost of $50,000, paying $10,000 down andagreeing to pay the remainder in ten days.e. Paid wages and salaries of $13,000 for the first half of the month. Office employees are paid twice a month.f. Paid the balance due on the office equipment.g. Sold $24,000 of advertising during the first month. Customers have until the 15th of the following month to pay their bills.h. Paid wages and salaries of $15,000 for the second half of the month.i. Recorded $3,500 in commissions earned by the salespeople during the month. They will be paid on the fifth of the following month.Required
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