1. Prepare a Balance Sheet for the fiscal year ending June 30, 2020 based on the following transactions (round figures to the nearest dollar): 1) established a community college scholarship fund $1,005,700 2) land value appreciates @12%/yr. 3) building mortgage 612,866 4) salaries owed 155,000 5) 25% of customer debt non-collectible 6) Company "B"promissory note matured 230,000 7) copyright royalty 175,000 8) land purchased January 1, 2016 850,000 9) commissions owed 20,321 10) building 30 year service life; SLD 11) bond 100,975 12) land sold @ 15% over market value 13) mortgage on equipment 215,566 14) patent royalty 55,000 15) equipment owed 180,000 16) office furniture purchased July 1,2018 45,000 17) customers owe 56,300 18) par value: preferred $125/share 19) promissory note matured 20) taxes = 1/3 of remaining merchandise inventory + 130,000 21) merchandise inventory 77.100 22) retained earnings from June 30, 2019 2,561,240 23) insurance bought at July 1, 2017 for three years 15,600 325,450 ? 24) par value common: $75/sh. 24) par value common: $75/sh. 1,000,000 25) building purchased July 1, 2016 26) office furniture 5 year service life; SLD 27) common stock sold; 825 shares 28) preferred shares sold: 410 shs. 29) ending cash balance = amount from sale of business property 30) equipment purchased January 1, 2017 31) supplies owed 32) Equipment service life = 17 years: SLD 340,000 15750 II. Prepare an Income Statement based on the following below: Sales Returned = 420,048 . Gross Sales - Sales returned + 60% sales returned Depreciation = yearly depreciation of Furniture from Balance Sheet Sales expenses = 13% of Net Sales Depreciation = yearly depreciation of Equipment from Balance Sheet Administrative expenses = 35,790 . Interest expense = 64% of gross sales Cost of Goods Sold = 25% of Merchandise Inventory from Balance Sheet Taxes = 16.58% of Taxes Owed from Balance Sheet Discounts on Sales = 19,780 Income from Other Sources = 577,332 (correction from class) ***"Gross Profit not Net Sales Gross Income