BBBB, Inc. Balance Sheet December 31, 2019 Current Assets Cash Merchandise Inventory Total Current Assets Assets $151,000 8,000 159,000 Liabilities Current Liabilities Taxes Payable Note Payable-Land Total Current Liabilities $ 18,600 28,000 46,600 Fixed Assets Land 30,000 Long-Term Liabilities Note Payable-Bank 100,000 Total Liabilities 146,600 Other Assets Security Deposit 6,000 Owners' Equity Common Stock (100 shares) 5,000 Retained Earnings 43,400 Total Owners' Equity 48,400 Total Liabilities and Total Assets $195,000 Owners' Equity $195,000 During 2020 the company Purchased 15,000 biffs at $8 each. Paid $100,000 cash and will pay $20,000 next year. Sold 11,000 biffs at $20 each Paid the $28,000 note on the land plus $2,000 interest Paid rent of $12,000 Paid salaries of $36,000 Issued 100 shares of common stock for $10,000 on June 1st. On December 31, bought a truck for $40,000, cash. On December 31, paid $50,000 on the note payable to bank and $10,000 interest. Paid 2019 taxes Tax rate is 30% and 2020 taxes will be paid in 2021. Prepare Journal Entries, T-Accounts, Income Statement, Statement of Owners' Equity and Balance Sheet.