Book Melody Lane Music Company was started by John Ross early in 2021. Initial capital was acquired by issuing shares of common stock to various Investors and by obtaining a bank loan. The company operates a retail store that sells records, tapes, and compact discs Business was so good during the first year of operations that John is considering opening a second store on the other side of town The funds necessary for expansion will come from a new bank loan. In order to approve the loan, the bank requires financial statements. John asks for your help in preparing the balance sheet and presents you with the following information for the year ending December 31, 2021: a. Cash receipts consisted of the following: Check my work rences From customers $454,600 From issue of common stock From bank loan 165,000 100,000 b. Cash disbursements were as follows: Purchase of inventory Rent Salaries Utilities Insurance Purchase of equipment $313,000 45,000 43,000 18,000 16,000 18,000 c. The bank loan was made on March 31, 2021. A note was signed requiring payment of Interest and principal on March 31 2022. The