Antonio Sardegna and his twin sister, Antonia, were avid outdoors enthusiasts and were also quite entrepreneurial. Thus, they agreed to go into business together selling fishing and recreational boats on a small lake near Waterton Park in Alberta, Canada. Since the nearest competition was across the border in West Glacier, Montana, they were confident that their business, North Glacier Boating Company (NGBC), would be successful. In early 2022 they located a site for their business -- a parcel of waterfront land containing a dock and an old, dilapidated building. At this point, they decided to form a corporation and hired an attorney to draft the articles of incorporation for NGBC. The twins split the attorneys $4,800 bill in proportion to their initial ownership percentages of NGBC. On June 1, 2022, Antonio purchased 2,100 shares for $84,000 and Antonia paid $28,000 for 700 shares. Because they each took credit for their portion of the attorneys invoice, NGBC only received $107,200. The twins agreed that any future purchase, or sale, of shares would be done at the book value at the time of the transaction. They also agreed that they would earn a salary of $3,000 per month (paid monthly) for each month that they were fully engaged in conducting NGBCs business. They knew that this was a lot less than they could earn in their existing jobs, but were happy to take less as they started their own business and looked forward to making a lot more on their own. On July 1, 2022, Antonio purchased the site that they had previously identified with the help of a $30,000 bank loan and $50,000 of the companys money. That same day, Antonio resigned from his full-time job so that he could devote his full attention to NGBC (and earn his $3,000 monthly salary). The first thing that Antonio did was arrange to have the old, dilapidated building torn down as there was no value to it. Cardston Wrecking Company tore down the building in July for $24,000 and agreed to defer payment until April 30, 2023. Meanwhile, Antonio contacted RFB, Inc., a large manufacturer of recreational and fishing boats. In exchange for NGBCs promise to sell only its boats, RFB agreed to provide all of the financing for NGBCs new building on the site. The loan carried an annual interest rate of 9% (simple interest) with the first installment due on July 31, 2023. Interest was charged from the date of each advance by RFB. Construction of a new building began on August 1st under the supervision of a consulting architect, and the contractor promised completion by December 31, 2022 at a price of $190,000. As construction progressed, NGBC made payments to the contractor of $60,000 on August 1, $70,000 on October 31, and $60,000 at completion on December 31, 2022. RFB provided the financing for all three of these payments at the time of each payment. During the construction period, Antonio tried to obtain some orders for boats which would be delivered to the customers directly from RFBs warehouse in Lethbridge, Alberta. Between October 1 and December 31, 2022, Antonio sold seventeen boats at an average cost to NGBC of $12,000 per boat. All of this was paid to RFB by December 31, 2022. These sales resulted in $255,000 of revenue, of which $30,000 was still outstanding as of December 31, 2022. Previously, the twins agreed that Antonio would receive a $100 commission per boat for his efforts in selling the boats, and Antonio received his commissions in December. The building was completed at the end of December. There were extra costs of $10,000 (for changes that NGBC had authorized) and the consulting architects $18,000 bill arrived in early January 2023. These amounts were due by January 31, 2023. The $30,000 bank loan, plus interest of $3,600 was repaid on December 31. Where appropriate, fixed assets, if any, should be depreciated over a twenty-five year period and intangible assets, if any, should be amortized over a five-year period. Antonia quit her job on December 31 and joined NGBC on a full-time basis thereafter. At this time Antonia requested a set of financial statements so that the twins could see where they stood at the end of December. Required: a. Using either T-accounts or a spreadsheet, prepare a transactions analysis for NGBC from its date of incorporation until December 31, 2022. b. Prepare a balance sheet, income statement and statement of cash flows (direct method) for the period ending December 31, 2022. c. Prepare a reconciliation of the cash provided by operations from the statement of cash flows to NGBCs net income for the period. d. What was the interest rate that the bank charged NGBC on the $30,000 loan? e. Based on your financial statements, what is the value of each twins equity in NGBC as of December 31, 2022? f. Determine the amount of depreciation and amortization, if any, that NGBC would report in its income statement for the year ending December 31, 2023. g. Determine the amount of interest that NGBC would pay to RFB on the first installment due on July 31, 2023 (this would be all of the accrued interest to date). What was the amount of interest expense that NGBC would report in the seven months ending July 31, 2023