Chris's Beamer Biz, Inc., Year $1-20$X$1$

You have decided to go into the business of selling Beamers. You decide to operate the business as a corporation, Chris's Beamer Biz, Inc. On January $1,20$X$1$ you begin with $$30,000$ cash; $$20,000$ of the money is yours and $$10,000$ is borrowed from your Uncle Mike. For the $$20,000$ of yours, you issue yourself $100$ shares of common stock. For the $$10,000$ borrowed from your uncle, you sign a note agreeing to pay back that amount on December $31,20$X$4$ and you will pay interest at $10\%$ at the end of each year. On January $1,20x1,$ you bought $11$ Beamers for $$3,000$ each. During the year you sold $8$ Beamers for $$8,000$ each. You also paid a security deposit of $$2,000,$ advertising expense of $$4,000$ and $12$ months' rent of $$15,000.$ In addition to the cash you invested on January $1$ st$,$ on August $1^{st}$ you also invest a piece of land that you own into the business that is worth $$40,000$ in exchange for $200$ more shares of stock. You pay the first year's interest to Uncle Mike of $$1,000$ on December $31$ of $20x1.$ Your tax rate is $30\%$ of your income before taxes and you paid $50\%$ of the taxes this year and will pay the rest in $20$X$2.$ So how did you do$?$

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