1- Calculate ending equity if opening paid in capital was $100,000 and retaining

earnings were $10,000, but during the year recorded an after-tax profit of $30,000

and no dividends were paid out. Record ending paid-in capital, retained earnings

and total equity separately.

2- Calculate year- ending loan balance if you started the year with a $120,000 term

loan with monthly principal payments of $2000. Interest payments for the year

totaled $8,000.