Bernice decided to start business of fashion garments under the name of Designer Wear Co. from April 01, 2023. She inherited $1,000,000. She invested $300,000 out of her inheritance and borrowed $300,000 from Bank of Montreal. She purchased a commercial space of 500 sq. feet for $500,000. The space so purchased was suitably renovated to make it ready as showroom. She purchased furniture and fixtures for $75,000. Total amount of bank loan is to be repaid in 20 quarterly instalments