Chapter 2 Assessment Help Save&ExitSubmit Mulkeen occurred during the year service company, inc, was incorporatea by conor mulkeen ana tive otner managers. Ine toilowing activities a Received $78,000 cash from the managers; each was issued 2.200 shares of common stock. b. Purcha sed equipment for use in the business at a cost of $17,400; one-fourth was paid in cash and the company signed a note for the balance (due in six months). c Signed an agreement with a cleaning service to pay it $145 per week for cleaning the corporate offices, beginning d Conor Mulkeen borrowed $30,000 for personal use from a local bank, signing a one-year note. Part 3 of 3 next year 3-a. What will be your response to transaction (c OThe agreement in ( involves no exchange or receipt of cash, goods, or services and thus is not yet a transaction The agreement in (d involves exchange of cash and services and thus is a transaction. 3-b. What will be your response to transaction (d Transaction (d) occurs between the company and others, so this transaction affect the busin,s Transaction (d) occurs between the owners and others, the separate entity assumption implies this transaction does not affect the business