the following events occurred for johnson company: received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $10 per share. purchased $7,200 of equipment, paying $1,100 in cash and owing the rest on accounts payable to the manufacturer. borrowed $13,000 cash from a bank. loaned $900 to an employee who signed a note. purchased $22,000 of land; paid $9,000 in cash and signed a note for the balance.