4. James starts his second hand car business with capital $255,000. He spends $80,000 on vehicles. During the first month he pays rent of $5000 and sells two cars for a total of $10,000. They had cost $5,000 and he spent $1,000 having them repaired. He has not yet paid the repair bills. State the accounting equation at the end of the month. Assets = Capital + Liabilities -$ + $ 5. A trial balance contains the following: Opening inventory $ 3,000 Purchases $ 22,000 purchased discounts received $3,600 Closing inventory $3,000 Calculate the cost of goods sold