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East Hill Home Healthcare Services was organized on January 1, 2022 by four friends. Each...

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Accounting

East Hill Home Healthcare Services was organized on January 1, 2022 by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 9,000 shares. To date, they are the only shareholders. At the end of 2023, the accounting records reflected total assets of $912,000 ($66,000 cash, $640,000 land, $66,000 equipment, and $140,000 buildings), total liabilities of $382,000 (short-term notes payable of $95,000 and long-term notes payable of $287,000), and shareholders equity of $530,000 ($100,000 contributed capital and $430,000 retained earnings). The following summarized events occurred during January 2024: Sold 8,000 additional shares to the original organizers for a total of $80,000 cash. Purchased a building for $52,000, equipment f

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