Question - The following events occurred for Taylor Corporation:
a. Received investment of $17,000 cash by organizers and distributed 1,000 shares of $1 par value common stock to them.
b. Purchased $4,000 of equipment, paying $500 in cash and signing a note for the rest.
c. Borrowed $4,500 cash from a bank.
d. Loaned $250 to an employee who signed a note.
e. Purchased $7,500 of land; paid $2,000 in cash and signed a mortgage note for the balance.
Required: For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect ( + for increase and - for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. Use the following headings: Event Assets = Liabilities + Stockholders' Equity.