Question: Revenues and expenses should be coded to shareholder's equity. If no entry is needed, state that. a) Issued 30,000 shares with a $25.00 per share market value. b) Bought a building for $300,000 and Land for $150,000. Paid 25% in cash and the balance with a 10-year, 4% interest note payable. c) Paid insurance premiums, quarterly in advance, in the amount of $6,000. d) Purchased $32,500 of inventory, 40% cash and the balance on credit. e) Paid utilities bill for $350. f) Negotiated an annual contract to provide services to the customers for $350,000 / year. g) Sold $22,750 of services on account, no parts were required. h) Collected a $22,000 cash deposit from customers for custom orders. i) Paid salaries and wages of $11,200. j) Paid the balance owing on inventory previously purchased in part d). k) Received $7,700 from customers on account. l) Declared and paid a $7,800 dividend.