At the end of her first year of university, Elizabeth Brown decided that she should start a business to help finance her education, so she set up her own courier service. She invested savings of $1,600 in the company, which she called Oriole Ltd. In addition, her parents lent the company $4,200 to help it get started. Since this was a business venture, Elizabeth insisted on paying interest on this loan, and her parents agreed to charge a rate of 6% per year. Elizabeth then negotiated the purchase of a used car for the business for $9,200. The company made a down payment of $2,300 on the car and financed the remainder of the purchase price at an interest rate of 9% per year. Due to all of the kilometres that would be put on the car while it was used in the courier business, Elizabeth estimated that the car could be sold at the end of the summer for $7,400. Oriole began operations on May 1 and continued until August 31. Although Elizabeth did not keep any formal accounting records, at the end of the summer she put together the following additional information related to the business: 1. During the summer, the company made payments of $897 on the car, which included interest of $207 and principal of $690. 2. No payments (of either interest or principal) were made on the loan from her parents. 3. Elizabeth paid herself a salary of $1,000 per month for the four months that the business operated. 4. Payments for other operating costs (including advertising, insurance, and gas) totalled $8,300. In addition, there were unpaid bills totalling $100 at the end of August. 5. Courier charges collected from customers totalled $19,500. In addition, customers still owed $500 for services performed in the last two weeks of August. 6. After the close of business on August 31, there was a balance of $9,719 in the company's bank account, plus a "float" of $84 in the car