Assume The Gap has opened a store in Ottawa. Starting with cash and shareholders' equity (common shares) of $100,000, Susan Harper, the store manager, signed a note payable to purchase land for $40,000 and a building for $130,000. She also paid $50,000 for store fixtures and $40,000 for inventory to use in the business. All these were paid for in cash. Suppose the head office of Gap requires a weekly report from store managers. Write Harper's memo to the head office to report on her borrowing and purchases. Include the store's balance sheet as the final part of your memo. Prepare a T-account to compute the balance for cash.