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Narrative OR Burdell, acting as GPB Inc., designs and creates wood kilned pottery to sell hr ough a time/ piece. The local craft shop charges a 10% c GPB Inc., at the end of December. George has finished and sold 300 pieces each year the past two years and expects to sell 350 pieces this year. He has enough cla inventory to make 350 sets. He paid $17 per piece for the clay. George L0gin local craft shop. Because this is a hobby, George does not consider labor costs in his financials. The pottery sells at an average market price for $150 per ouble Logging In ommission and remits the net proceeds to fo y in uses a Wood- er KD 15o Lumber Kiln that he purchased for cash exactly two years ago. The kiln is depreciated at the rate of $100 per month. The Accounts Payable balance relates to the clay inventory and is payable by September 30. George is considering buying a Wood-Mizer KD 250 Lumber Kiln so that he can produce more intricate patterns in clay and more pieces per burn. The new kiln costs $6,600 and would be depreciated at $180 per month. His bank has agreed to lend hin $6,600 at % interest per year, with $2,200 payment of principal, plus accrued interest payable each December 31. George believes he can produce 300 products with more intricate patterns in time for the Christmas rush if he does not produce any of the other pie $200. Clay costs $28 per piece. George's supplier will sell him clay on credit, payable December 31. e predicts that each more intricate designed piece will sell for and average price of George plans to keep his old kiln whether or not he buys the new kiln. The balance sheet for his pottery business at August 31, 2017, is as follows