Lisa Frees and Amelia Ellinger had been operating a catering business for several years. In March 2014, the partners were planning to expand by opening a retail sales shop and decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March 2014:a. Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair market value of $13,000, and $1,200 in supplies. Gave the two owners each 500 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest. c.Borrowed $50,000 from the local bank on a 10 percent, one-year note. d.Purchased and used food and paper supplies costing $10,830 in March; paid cash. e.Catered four parties in March for $4,200; $1,600 was billed, and the rest was received in cash. f.Made and sold food at the retail store for $11,900 cash. g.Received a $420 telephone bill for March to be paid in April. h.Paid $363 in gas for the van in March. i.Paid $6,280 in wages to employees who worked in March. j.Paid a $300 dividend from the corporation to each owner. k.Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash. Required:2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Inc., in March. Compute ending balances.