Sept 1 Common Stock was issued (sold to investors) for cash $525,000. Sept 1 They (UMPI, Inc.) purchased a magic pencil making machine for $750,000. They paid $125,000 in cash and the remainder on account. They signed an interest-only note agreement with Katahdin Trust Company (KTC) to pay 8.5% interest over the next 3 months. The senior accountant said not to worry about setting up the equipment's depreciation schedule yet. She will take care of that at the month-end. Sept 1 They prepaid for 1 year of insurance for the business by paying $3,000 cash. The senior accountant told you that you don't need to recognize any of the costs yet. That will happen when she adjusts the accounts at month-end. Sept 1 They paid rent for the whole year. It was $30,000 cash. The senior accountant told you that you don't need to recognize any of the costs yet. That will happen when she adjusts the accounts at month-end. Sept 1 They purchased $5,650 worth of Inventory to be used throughout the next few months building the magic pencils. They put it on their open trade account with Netherlands Magic Materials Company (NMMC). The agreement they have with NMMC