the company purchased equipment for $4,000 cash. the equipment is expected to be used for 10 or more years. joel’s business bought $7,000 worth of inventory from a publisher. the company will pay the publisher within 45–60 days. joel’s friend sam lent $4,000 to the business. sam had joel write a note promising that bookmart.com would repay the $4,000 in four months. because they are good friends, sam is not going to charge joel interest. the company paid $1,500 cash for books purchased on account earlier in the month. bookmart.com repaid the $4,000 loan established in (c).