Blossom Print Corporation started business on January 1, 2024. The following transactions occurred in 2024. 1. On January 1,2024 , the company issued 11,000 common shares for $330,000. 2. On January 2 , the company borrowed $45,000 from the bank. 3. On January 3 , the company purchased equipment for $112,500 cash. 4. On January 1 , the company rented a building at a cost of $900 per month. The company agreed to pay two additional months in advance for January and February 2025 along with the payment for the full year's rent for 2024. 5. Initial supplies were purchased for $92,200 cash. 6. Additional purchases of supplies during the year totalled $195,400, all on account. 7. Sales during the year totalled $485,000, of which $451,000 were on account. 8. Collections from customers on account totalled $422,000. 9. Payments to suppliers on account totalled $188,300. 10. The cost of supplies that was used during the year was $218,200. 11. Wages expense totalled $92,400 for the year. Of this amount, $4,100 was unpaid at year end. 12. Interest of $2,500 on the loan payable from the bank was paid at December 31. In addition, $5,000 of the loan principal was repaid at that time. 13. Miscellaneous expenses of $8,200 were paid during the year. 14. The company declared a dividend of $3,200 but paid only $1,600 of this amount. Blossom Print Corporation started business on January 1, 2024. The following transactions occurred in 2024. 1. On January 1,2024 , the company issued 11,000 common shares for $330,000. 2. On January 2 , the company borrowed $45,000 from the bank. 3. On January 3 , the company purchased equipment for $112,500 cash. 4. On January 1 , the company rented a building at a cost of $900 per month. The company agreed to pay two additional months in advance for January and February 2025 along with the payment for the full year's rent for 2024. 5. Initial supplies were purchased for $92,200 cash. 6. Additional purchases of supplies during the year totalled $195,400, all on account. 7. Sales during the year totalled $485,000, of which $451,000 were on account. 8. Collections from customers on account totalled $422,000. 9. Payments to suppliers on account totalled $188,300. 10. The cost of supplies that was used during the year was $218,200. 11. Wages expense totalled $92,400 for the year. Of this amount, $4,100 was unpaid at year end. 12. Interest of $2,500 on the loan payable from the bank was paid at December 31. In addition, $5,000 of the loan principal was repaid at that time. 13. Miscellaneous expenses of $8,200 were paid during the year. 14. The company declared a dividend of $3,200 but paid only $1,600 of this amount