Current Attempt in Progress Pharoah Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar, 1 Shareholders invested $56,000 cash in the business in exchange for common shares of the corporation. 3 5 6 10 18 69 19 30 30 2885 31 Purchased Arnie's Golf Land for $42.560 cash. The price consists of land $25,760, building $10,080, and equipment $6,720. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,760 cash. Paid cash $2,720 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,360 from Golden Bear Company, payable in 30 days. Received golf fees of $1.280 in cash from customers for golf fees earned. Sold 112 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use the coupons) Declared and paid a $560 cash dividend. Paid salaries of $720. Paid Golden Bear Company in full for equipment purchased on March 10. Received $960 in cash from customers for golf fees earned. 31 Paid estimated income taxes for the month amounting to $112.