15. On October 1,2020 - An investor purchased 100 shares of stock ( 100%) of ABC Co. for $3,500,000. The 3,500,000 was paid directly to ABC in exchange for ABC common stock. ABC Company purchased equipment for $180,000; paying $30,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 5%, payable on January 1st of each year. ABC Company prepaid a year's (12months) worth of insurance and rent. Insurance payment was $48,000 and the rent was $72,000. ABC had the following transactions after 10/1/2020: ABC purchased the following inventory on credit: 10/110,000 units at $20/ unit. 11/15,000 units at $30/ unit 12/15,000 units at $25 /unit. ABC sold 18,000 units on account for $40 /unit. Terms are 3/10, N45. ABC uses LIFO. ABC received $360,000 in cash within 5 days of the sales; and received the remaining amounts after year-end. ABC was given $30,000 in cash for inventory that will be delivered after year-end. ABC paid $25,000 for advertising. ABC paid $20,000 for miscellaneous supplies. Cash was paid for both. Paid $80,000 in cash for salaries for the year. The end of the year was in the middle of the week and the total unpaid salary expense for the year was $5,000. This $5,000 will not be paid until first week of next year. Sold services for $50,000 in cash. We had to return $10,000 back to customer as a return and allowance due to unsatisfactory work of our soon to be fired employee. At year-end the amount of supplies on-hand was $3,000. The equipment had 20,000 of estimated depreciation by year-end. We paid $400,000 of our accounts payable balance by year-end. We estimate 1% of trade-sales to be uncollectible. The tax rate is 40%. Round all numbers to the nearest dollar. ABC declared and paid a dividend of $30,000. Prepare a Balance Sheet and Income Statement in good form for the year-ended 12/31/2015. Also provide closing entries. 15. On October 1,2020 - An investor purchased 100 shares of stock ( 100%) of ABC Co. for $3,500,000. The 3,500,000 was paid directly to ABC in exchange for ABC common stock. ABC Company purchased equipment for $180,000; paying $30,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 5%, payable on January 1st of each year. ABC Company prepaid a year's (12months) worth of insurance and rent. Insurance payment was $48,000 and the rent was $72,000. ABC had the following transactions after 10/1/2020: ABC purchased the following inventory on credit: 10/110,000 units at $20/ unit. 11/15,000 units at $30/ unit 12/15,000 units at $25 /unit. ABC sold 18,000 units on account for $40 /unit. Terms are 3/10, N45. ABC uses LIFO. ABC received $360,000 in cash within 5 days of the sales; and received the remaining amounts after year-end. ABC was given $30,000 in cash for inventory that will be delivered after year-end. ABC paid $25,000 for advertising. ABC paid $20,000 for miscellaneous supplies. Cash was paid for both. Paid $80,000 in cash for salaries for the year. The end of the year was in the middle of the week and the total unpaid salary expense for the year was $5,000. This $5,000 will not be paid until first week of next year. Sold services for $50,000 in cash. We had to return $10,000 back to customer as a return and allowance due to unsatisfactory work of our soon to be fired employee. At year-end the amount of supplies on-hand was $3,000. The equipment had 20,000 of estimated depreciation by year-end. We paid $400,000 of our accounts payable balance by year-end. We estimate 1% of trade-sales to be uncollectible. The tax rate is 40%. Round all numbers to the nearest dollar. ABC declared and paid a dividend of $30,000. Prepare a Balance Sheet and Income Statement in good form for the year-ended 12/31/2015. Also provide closing entries