Prepare in good form the journal entry to record each of the following transactions on the books of ABC. January 10: ABC is incorporated by issuing $50,000 of common stock to each of the three owners....

Prepare in good form the journal entry to record each of the following transactions on the books of ABC.

January 10: ABC is incorporated by issuing $50,000 of common stock to each of the three owners.

January 12: ABC borrows $100,000 at the local bank.

January 15: ABC pays $200,000 cash to buy ten acres of land.