ABC incorporated began operations on Jan 1^st, 2012 with an initial issuance of 10,000 shares, (each with per value $0.10), for $10 per share On Jan 1", 2012, the company purchased a two-year fire insurance policy worth $10,000 and had paid it with cash. Company purchased equipment worth $100,000 on Jan 1" by signing a one-year. Notes Payable. Interest rate on the loan was 8% and the interest and the entire principal will be paid on Jan 1" 2013. The depredation on equipment for the year 2012 was $20,000 On February 15th, 2012 the company received an advance of $70,000 for some technical services it provided to some companies. By the year end, the company had provided only 80% of the services it had contracted to provide. On November 15^th, 2012, the company bought a piece of land for $200,000 by taking a 30-year mortgage loan The monthly installment is $2,000 is payable on the 1^st of each month. The first installment of $2,000 was composed of $1,500 principal payment and $500 interest expense. in 2012, the company purchased (in cash) and used up office supplies worth $20,000. Company purchased investments worth $20,000 on July 1^st 2012. The company usually receives the 10% interest on its Investments annually on June 30^th On Feb 15^th, 2012, the company bought toys inventory worth $80,000 on credit from its suppliers. On March 20^th, 2012, the company sold toys for $180,000. The company's received 50% cash and the rest remained on account. The cost of these toys sold was $ 50,000. The company's franchisees owe ABC's $800 royalties for sales the franchisees made in the last week of December 2012. Utilities expenses for the year 2012 were $10,000 and were paid in cash. Wages accrued in the last week of 2012 were $2,000 and will be paid in the first week of 2013. On December 15^th, 2012, the company declared cahe dividends of $20,000 which will be paid sometime in 2013. Assume tax rate a 20%