Allen Tools Company started business on October $1,2023.$ Its fiscal year runs through to September $30$ of the following year. The following transactions occurred in the fiscal year that started on October $1,2023,$ and ended on September $30,2024.$

$1.$ On October $1,2023,$

Sarah Allen invested $$173,500$ to start the business. Allen is the only owner. She was issued $10,000$

common shares.

$2.$ On October $1,$ Allen Tools borrowed $$222,500$ from a venture capitalist $($a lender who specializes in start$-$up companies$)$ and signed a note payable.

$3.$ On October $1,$ the company rented a building. The rental agreement was a two$-$year contract requiring quarterly rental payments $($every three months$)$ of $$13,000,$ payable in advance. The first payment was made on October $1,2023($covering the period from October $1$ to December $31).$ Thereafter, payments were due on December $31,$ March $31,$ June $30,$ and September $30$ for each three$-$month period that followed. All of the rental payments were made as specified in the agreement.

$4.$ On October $1,$ the company purchased equipment costing $$244,200$ for cash.

$5.$ Initial inventory was purchased for $$94,000$ cash.

$6.$ Additional purchases of inventory during the year totalled $$576,500,$ all on account.

$7.$ Sales during the year totalled $$884,000,$ of which $$795,600$ were on account.

$8.$ Collections from customers on account totalled $$659,000$

$9.$ Payments to suppliers on account totalled $$516,500.$

$10.$ The cost of the inventory that was sold during the year was $$554,000.$

$11.$ Selling and administrative expenses totalled $$85,000$ for the year. Of this amount, $$5,900$ was unpaid at year end

$12.$ Interest on the note payable from the venture capitalist was paid at year end $($September $30,2024).$ The interest rate on the note is $10\%.$ In addition, $$21,000$ of the note principal was repaid at that time.

$13.$ The equipment was depreciated based on an estimated useful life of $10$ years and an estimated residual value of $$22,200.$

$14.$ The company declared and paid a dividend of $$6,400.$