5:06 < yara US HW3 3G The Balance Sheet of JSRS Inc. for the year ended March 31, 2019 is given below: Carl Accounts Receivable Prepaid Ro Inventory Property Plant & Equipment (PPE) Cost Accumulated Depreciation Total Assets $120,000 $30,000 $35,000 $6,000 $214,000 Liabilities & Equity Accoyable 520,000 Unamed Reven $10,000 Income Tax Payable $12,000 Stockholders' Exuity Contributed Capital $150,000 Retained Earnings $22.0005172,000 Total Liabilities & Equity $214,000 During the year ended March 31, 2020 the company had the following transactions: 1. Bought inventory on credit for $200,000. 2. Sold inventory for cash $60,000. The cost of the inventory sold was $40,000. 3. Sold inventory on credit $240,000. The cost of the inventory sold was $160,000. 4. Paid salaries of $30,000. 5. On January 1, 2020 the company borrowed $100,000 from a bank. The interest rate on the loan was 10% a year. Interest is payable semi-annually on June 30 and December 31. 6. The company delivered goods to a customer who had paid $10,000 in advance in March 2019. The cost of the goods delivered was $6,000. The company has no remaining obligation to this customer. 7. Received $220,000 from customers who had previously purchased on credit. 8. Paid $190,000 to suppliers for prior credit purchases. 9. Received $15,000 in advance from a customer on March 1, 2020. The company is scheduled to deliver goods to this customer on May 15, 2020. 10. Paid rent of $24,000 on September 1, 2019. The rent is for the 12-month period beginning on September 1, 2019. 11. The company paid $12,000 to the IRS for income taxes that were due for the previous year. 12. The company declared a dividend of $10,000 on March 29, 2020. The dividend will be paid on April 15, 2020. Required: Step 1: Open accounts and orig uw balances from the