8. Acme had the following account balances at the end of the current accounting period: (10 pts) Beginning inventory $73,000 Net purchases 58,250 Net sales revenue 87,500 The normal gross profit for the company is $45%. What was the company's estimated cost of goods sold for the accounting period?

Also, Acme signed a 9%, 10-year note for $150,000. The company paid $1,900 as the installment for the first month. After the first payment, what is the updated principal balance? (10 pts)