Problem $1-1$

Everyone in the class invested $$50\mathrm{.}00$ each in Darby's Dapples, Inc. For your investment, you each got $1$ share of common stock. Assume there are $100$ of you. During $20$X$0,$ DD$,$ Inc. borrowed $$150,000$ to be repaid in five years with interest of $10\%$ be paid yearly, bought a piece of land for future expansion of the business for $$40,000,$$$10,000$ down and the rest to be paid next year. Also, during the year, the company purchased $14,000$ Dapples for $$10$ each and sold $11,000$ for $$20$ each. The company also paid a security deposit of $$5,000$ on the building it is renting, rent of $$6,000,$ salaries of $$40,000,$ and the interest on the loan of $$10,000.$ Faxes for $200$ were $30\%$ and these will be paid in $20$ X $1.$ How did you do$?$ Prepare Journal Entries, T$-$accounts, an Income Statement, Statement of Owner's Equity, and a Balance Sheet.