J$.$ Kamas and G$.$ Charrier have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Incorporated. The following transactions occurred in March:

Received $$104,000$ cash from each of the two shareholders to form the corporation, in addition to $$4,400$ in accounts receivable, $$10,100$ in equipment, a van $($equipment$)$ appraised at a fair value of $$17,800,$ and $$2,400$ in supplies. Gave the two owners each $980$ shares of common stock with a par value of $$1$ per share.

Purchased a vacant store for sale in a good location for $$600,000,$ making a $$120,000$ cash down payment and signing a $10-$year mortgage note from a local bank for the rest.

Borrowed $$74,000$ from the local bank on a $10$ percent, one$-$year note.

Purchased food and paper supplies costing $$15,000$ in March; paid cash.

Catered four parties in March for $$6,600$; $$2,080$ was billed and the rest was received in cash.

Sold food at the retail store for $$18,100$ cash.

Used food and paper supplies costing $$11,310.$

Received a $$660$ telephone bill for March to be paid in April.

Paid $$603$ in gas for the van in March.

Paid $$11,080$ in wages to employees who worked in March.

Paid a $$540$ dividend from the corporation to each owner.