Issued 56,000 shares of non-par common stock in exchange for $560,000 in cash. Purchased equipment at a cost of $92,000. $23,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $170,000. The company uses the perpetual inventory system. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000. Paid $7,500 in rent on the warehouse building for the month of March. Paid $7,750 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. Paid $150,000 on account for the merchandise purchased in 3. Collected $112,500 from customers on account. Recorded depreciation expense of $2,300 for the month on the equipment.