Panama Ltd provides one-day training programs in accounting. It charges $7000 per day. The following events occurred for the company in the month of June 2016. 

a. Received $30 000 from accounts receivable for sales in previous months.

b. Paid three months' rent of $36 000 covering 1 June 2016 to 30 August 2016.
c. Received orders for 60 days' training during the month. Delivered 50 days of the training during the month and received payment for 30 of these days.
d. Signed a contract to design a special program for lawyers at a price of $50 000. Design will commence in July. Received a $6000 deposit.
e. Paid $500 000 for new equipment on 1 June and $100 000 to install it. The equipment has a life of 10 years.

f. A contract was signed with a new CEO for $1 000 000 per year. The CEO will start on 1 July.

g. Paid wages during the period of $60 000 with accrued wages of $10 000 owing at the end of the month.

h. Declared and paid a dividend of $40 000.
i. Sold a piece of equipment that cost $160 000 (accumulated depreciation $120 000) for $32 000. 

j. Wrote down the value of damaged inventory by $3600.
k. Borrowed $24 000 on 1 June from the bank at 10 percent per annum. Interest and principal repayable in 10 months.

Required:
1. Determine total revenue for the month of June 2016.
2. List all expenses for the month of June 2016 (including dollar amounts).
3. Assume an opening balance in the cash account of $600 000. What is the closing balance of this account?