Foster Corp. completed the following transactions during 2013:
1. Purchased land for $8,500 cash.
2. Acquired $32,000 cash from the issue of common stock.
3. Received $71,000 cash for providing services to customers.
4. Paid cash operating expenses of $41,300.
5. Borrowed $17,000 cash from the bank.
6. Paid a $8,500 cash dividend to the stockholders.
7. Determined that the market value of the land purchased in event 1 is $42,000.