Boulder Corporation, a ski tuning and repair shop, opened November 1, 2017. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2018. Issue of common shares Cash Receipts Cash Payments $20,000 Payment for repair equipment Rent payments $9,420 1,225 Newspaper advertising payment 380 Utility bills payments 970 Part-time helper's salary payments 2,510 Income tax payment 9,000 Cash receipts from ski and snowboard repair services 32,400 Subtotals 52,400 23,505 Cash balance 28,895 Totals $52,400 $52,400 You learn that the repair equipment has an estimated useful life of 5 years. The company rents space at a cost of $175 per month on a one-year lease. The lease contract requires payment of the first and last months' rent in advance, which was done. The part-time helper is owed $390 at April 30, 2018, for unpaid salaries. At April 30, 2018, customers owe Boulder Corporation $320 for services they have received but have not yet paid for.