Chapati Company started business on January 1, 2020. Some of the events that occurred in its first year of operations follow 1. Transactions An insurance policy was purchased on February 28 for $1.740. The insurance policy was for one year of coverage that began on March 1, 2020 2. During the year, inventory costing $135,000 was purchased, all on account. 3. Sales to customers totalled $207,000. Of these. $41,000 were cash sales. Payments to suppliers for inventory that had been purchased earlier totalled $117.000 5. Collections from customers on account during the year totalled $139,000. 6. Customers paid $28,000 in advance payments for goods that will be delivered later. 7. Equipment that cost $150,000 was purchased on October 1 for $42.000 cash plus a two-year 10% note with a principal amount of $108,000. (Use Notes Payable) 4. 7