The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,020 shares of $1 par value common stock with a market price of $30 per share. b. Purchased $7,900 of equipment, paying $1,200 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $7,000 cash from a bank. d. Loaned $500 to an employee who signed a note. e. Purchased $19,000 of land: paid $5,000 in cash and signed a mortgage note for the balance. Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select No journal entry required” in the first account field.) Record the receipt of cash and the distribution of 1,020 shares of $1 par value common stock with a market price of $30 per share
