B$.$ Assume that on January $1,2023,$ SCO issued $6,500$ new shares of $$8$ par value common stock for a market price of $$10$ per share. By the end of the day on January $6,2023,$ and prior to reopening for the year on January $10,$ SCO had completed the following transactions $($and only these transactions$).$

Transaction $1.$ The sale of $6,500$ new shares of $$8$ par value stock for a market price of $$10$ per share.

$\{$insert formula and answer here$\}$

Transaction $2.60$ percent of the proceeds of the stock sale were used to immediately pay down the long$-$term debt.

$\{$insert formula and answer here$\}$

Transaction $3.$ A new company vehicle was purchased for $$22,500,$ of which the entire amount was through a new $3-$year installment loan from their bank.

$\{$insert formula and answer here$\}$

Transaction $4.15$ percent of the proceeds were used to pay down accounts payable to suppliers.

$\{$insert formula and answer here$\}$

Transaction $5.$ $$5,000$ worth of new inventory to sell in the business was purchased from their supplier on credit. They will be required to pay this back by the end of June $2023.$

$\{$insert formula and answer here$\}$

Transaction $6.10$ percent of the proceeds were used to pay the first$-$round of $2023$ stock dividends to shareholders.

$\{$insert formula and answer here$\}$

Transaction $7.$ The remainder of the proceeds from the stock sale was deposited in SCO$$s cash account.

$\{$insert formula and answer here$\}$

B$1.$ Below the description of each transaction above, indicate the amount of cash that was affected by that transaction $($with the formula you used$)$ and whether cash increased or decreased. If cash was NOT affected by that transaction, simply put $$0$ under the transaction description, THEN...

B$2.$ Compile the balance sheet, for the end of the day, January $6,2023$; after the new is stock is issued and the proceeds are disbursed, and transactions recorded as described based on the above transactions. Your answer should be in the form of the same balance sheet with new balances in the accounts that were impacted by the transactions above. Any empty Balance Sheet is also provided on the next page for your answer, below the original balance sheet. Note that not all accounts will be impacted by the above transactions. The original $12/31/2022$ Balance sheet, and the answer template are found below.

$$

SULLIVAN Camping Outfitters, INC.

Balance Sheet; December $31,2022$

Current Assets Current Liabilities

Cash $ $45,000$ Wages Payable $ $25,000$

Marketable Securities $15,000$ Accounts Payable to suppliers $30,000$

Accounts Receivable $10,000$ Short term Bank Notes Payable $25,000$

Inventory $125,000$ Total Current Liabilities $ $80,000$

Prepaid Expenses $10,000$

Total Current Assets $ $205,000$ Long$-$term Debt

Equipment Loans Payable $ $100,000$

Mortgage on Building $300,000$

Fixed Assets Total Long$-$term Debt $ $400,000$

Net Fixed Assets $ $1,000,000$

Total Fixed Assets $ $1,000,000$ Owners$$ Equity

Common Stock $(25,000$ shares @ $$8$ par value$)$ $ $200,000$

Additional Paid in Capital $0$

Retained Earnings $525,000$

Total Owners$$ Equity $ $725,000$

Total Assets $$1,205,000$ Total Liabilities and Owner$$s Equity $ $1,205,000$

BALANCE SHEET ANSWER TEMPLATE

SULLIVAN Camping Outfitters, INC.

Balance Sheet; January $6,2023$

Current Assets Current Liabilities

Cash $ Wages Payable $

Marketable Securities $ Accounts Payable to suppliers $

Accounts Receivable $ Short term Bank Notes Payable $

Inventory $ Total Current Liabilities $

Prepaid Expenses $

Total Current Assets $ Long$-$term Debt

Equipment Loans Payable $

Mortgage on Building $

Fixed Assets Total Long$-$term Debt $

Net Fixed Assets $

Total Fixed Assets $ Owners$$ Equity

Common Stock $($XXXXXX shares @ $$8$ par value$)$ $

Additional paid in capital $($XXXXX shares @ $X$)$

Retained Earnings $

Total Owners$$ Equity $

Total Assets $ Total Liabilities and Owner$$s Equity $

Insert the balances for all accounts and section totals, regardless of if their balances were impacted by the transactions or not. Include ALL totals.