E$2-4($Algo$)$ Determining Financial Statement Effects of Several Transactions $[$LO $2-1,$ LO $2-2]$

The following events occurred for Favata Company:

Received $$14,500$ cash from owners and issued stock to them.

Borrowed $$11,500$ cash from a bank and signed a note due later this year.

Bought and received $$1,250$ of equipment on account.

Purchased land for $$21,000$; paid $$1,900$ in cash and signed a long$-$term note for $$19,100.$

Purchased $$7,500$ of equipment; paid $$1,900$ in cash and charged the rest on account.