prepare the balance sheet of the business immediately after these initial financing 626291
A new business has just been organized. A group of investors put $5,000,000 in the business and the business issued 5,000,000 shares of capital stock to them. The business borrowed $2,500,000 from a local bank on the basis of a long-term note payable. (Several of the investors had to guarantee this note, or the bank would not have loaned the money to the business.) The business negotiated the purchase of land and buildings that cost $1,250,000. It also paid $5,250,000 for machinery, production equipment, delivery vehicles, and office equipment and furniture. Using the landscape (horizontal) format, prepare the balance sheet of the business immediately after these initial financing and investing activities.