A business started on October 1,2022 . The following transactions occurred during the month. a. Common stock of $50,000 was sold at par to start the business. b. Equipment, consisting of mixers and ovens, was acquired October 1 for $20,000cash. The equipment is expected to last five years and can be sold at that time for $5,000. Management uses the straight-line method to calculate depreciation expense. c. Ingredients costing $15,000 were purchased on account during the month and all but $5,000 was paid for by the end of the month. d. Rent is $500 a month. October, November, and December's rent was paid October 5. Required: Provide the journal entries for these transactions. For item b. be certain to provide both the purchase of the equipment and depreciation for the month of October. For item c. be certain to provide both the purchase of the ingredients and also the payment.