! Required information E2-15 (Static) Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1,000 common shares to Kelly in exchange for $12,000. (b) Borrowed $30,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $35,000 and signing a promissory note for $5,000 due in six months. This loan contains a clause ("covenant) that requires Business Sim Corporation (BSC) to maintain a ratio of current assets to current liabilities of at least 1.3. (d) Received $900 of supplies and promised to pay for them in 30 days. E2-15 (Static) Part 2 2-a. Prepare journal entries for the transactions described. 2-b. Prepare T-accounts. Assume all beginning balances are zero.