Glenn Grimes is the founder and president of HeartlandConstruction, a real estate development venture. The businesstransactions during February while the company was being organizedare listed as follows. Feb. 1 Grimes and several others invested$600,000 cash in the business in exchange for 30,000 shares ofcapital stock. Feb. 10 The company purchased office facilities for$360,000, of which $120,000 was applicable to the land and $240,000to the building. A cash payment of $72,000 was made and a notepayable was issued for the balance of the purchase price. Feb. 16Computer equipment was purchased from PCWorld for $14,400 cash.Feb. 18 Office furnishings were purchased from Hi-Way Furnishingsat a cost of $10,800. A $1,200 cash payment was made at the time ofpurchase, and an agreement was made to pay the remaining balance intwo equal installments due March 1 and April 1. Hi-Way Furnishingsdid not require that Heartland sign a promissory note. Feb. 22Office supplies were purchased from Office World for $360 cash.Feb. 23 Heartland discovered that it paid too much for a computerprinter purchased on February 16. The unit should have cost only$359, but Heartland was charged $395. PCWorld promised to refundthe difference within seven days. Feb. 27 Mailed Hi-Way Furnishingsthe first installment due on the account payable for officefurnishings purchased on February 18. Feb. 28 Received $36 fromPCWorld in full settlement of the account receivable created onFebruary 23. Required: a. Prepare journal entries to record theabove transactions. Select the appropriate account titles from thefollowing chart of accounts: Cash Land Accounts Receivable OfficeBuilding Office Supplies Notes Payable Office Furnishings AccountsPayable Computer Systems Capital Stock b. Indicate the effects ofeach transaction on the company's assets, liabilities, and owners'equity for the month of February. The Feb. 1 transaction isprovided for you.