Classify each of the following as assets, liabilities, or owners’ equity for Kiren Company:
A. Kiren Company’s owners have contributed $175,000 in land to the company.
B. Kiren Company owes $10,000 to the bank on a three-year note payable.
C. Kiren Company bought and has not yet sold $50,000 of inventory.
D. Kiren Company owns a piece of land costing $175,000 for a future building site.
E. Kiren Company owes the Internal Revenue Service $2,000 for taxes.
F. Kiren Company has office and other supplies costing $1,500.
G. Kiren Company owes the utility company $1,250 for services received last month.