AT&T Inc.
Initial Financial Position (30 November 2020):

• Creditors: $3,000,000
• Equipment: $11,000,000
• Motor vehicle: $6,500,000
• Stock of goods: $8,500,000
• Debtors: $7,000,000
• Cash at bank: $16,500,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2020:
(a) AT&T bought extra equipment on credit for $1,800,000.
(b) AT&T bought extra stock by cheque $700,000.
(c) AT&T paid creditors by cheque $1,200,000.
(d) Debtors paid AT&T $900,000 by cheque and $80,000 by cash.
(e) AT&T put in an extra $350,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2020 after the above transactions have been completed.