Mulkeen service company, inc., was incorporated by conor mulkeen and five other managers. the following activities occurred during the year: received $60,000 cash from the managers; each was issued 1,000 shares of common stock. purchased equipment for use in the business at a cost of $12,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). signed an agreement with a cleaning service to pay it $120 per week for cleaning the corporate offices, beginning next year. conor mulkeen borrowed $10,000 for personal use from a local bank, signing a one-year