Crane Computer Corporation had the following opening account balances at the end of April: Cash $$9,800$; Accounts Receivable $$10,800$; Accounts Payable $$4,400$; Common Shares $$7,400$; and Retained Earnings $$8,800.$ It entered into the following transactions during the month of May: $1.$ Purchased equipment on account for $$10,400.2.$ Paid $$4,000$ for rent for the month of May. $3.$ Provided computer services for $$6,200$ on account. $4.$ Paid Ontario Hydro $$1,020$ cash for utilities used in May. $5.$ Borrowed $$22,400$ from the bank. $6.$ Paid supplier for equipment purchased in transaction $1.7.$ Purchased a one$-$year accident insurance policy for $$1,200$ cash. $8.$ Received $$5,400$ cash in partial payment of the account owed in transaction $3.9.$ Declared and paid $$1,200$ of dividends to shareholders. $10.$ Paid income tax of $$970$ for the month.