Problem 2 Eucpar Miniature Golf and Driving Range was opened on March 1 by Nicholas Palmer. The following selected events and transactions occurred during March: Mar. 1 3 5 6 10 18. Invested $50,000 cash in the business. Purchased Tee's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600. Paid cash $1,480 for a one-year insurance policy. Purchased golf clubs and other equipment for $2,600 from Hogan Company payable in 30 days. Received $800 in cash for golf fees (record as service revenue).