The Gap has opened a new store in Ottawa, investing \(\$ 100,000\) in cash in return for common shares of the new company that will operate the store. Susan Harper is the store's manager. During the first week of operations, Harper signed a note payable to purchase land for \(\$ 40,000\) and a building for \(\$ 130,000\). The store also paid \(\$ 50,000\) for store fixtures and \(\$ 40,000\) for inventory to use in the business. All these were paid for in cash.

The Gap's head office requires store managers to provide a weekly report that summarizes and discusses the details of the store's financial position and how it has changed since the previous report. Susan has asked for your help with this request. Prepare the, report for head office (assume all events above took place in the first week of operations).