E$2-5($Algo$)$ Recording Journal Entries $[$LO $2-3]$The following events occurred for Favata Company: Received $$11,000$ cash from owners and issued stock to them.Borrowed $$8,000$ cash from a bank and signed a note due later this year.Bought and received $$900$ of equipment on account.Purchased land for $$14,000$; paid $$1,200$ in cash and signed a long$-$term note for $$12,800.$Purchased $$4,000$ of equipment; paid $$1,200$ in cash and charged the rest on account.