Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 20152017 but started noticing its cash dwindle early in 2018. In January 2018, Consultex had paid $17,500 to purchase land and repaid $2,000 principal on an existing promissory note. In March, the company paid $2,300 cash for dividends and $1,000 to repurchase and eliminate Consultex stock that had previously been issued for $1,000. To improve its cash position, Consultex borrowed $5,300 by signing a new promissory note in May and also issued stock to a new private investor for $12,300 cash. Year-end comparative balance sheets and income statements are presented below.