10 Homework 1 Problem 1' Everyone in the class invested $50.00 each in Brayden's Bodacious Biff's. For your investment, you each got 1 share of common stock. Assume there are 100 of you. During 2020, BBB, Inc. borrowed $100,000 to be repaid in five years with interest of 10% be paid yearly, bought a piece of land for future expansion of the business for $32,000, $2,000 down and the rest to be paid next year. Also during the year, the company purchased 10,000 Biffs for $8 each and sold 9,000 for $20 each. The company also paid a security deposit of $6,000 on the building it is renting, rent of $12,000, salaries of $24,000, and the interest on the loan of $10,000. Taxes for 2020 were 30% and these will be paid in 2021. How did you do? Prepare an Income Statement and a Balance Sheet. Comment on the results Read pages 12-18 and read the article "What It Takes to Be Great". Remember this article is fair game for all tests and quizzes