Crane Wholesale Ltd$.$ was incorporated on January $1,2024.$ The following transactions occurred in $2024$:

On January $1,$ the company issued $82,000$ common shares for $$3$ per share.

On January $2,$ the company purchased equipment for $$98,400,$ paying $$41,000$ cash and financing the balance using a note

payable. The note has a one$-$year term, with interest of $6\%$ payable at maturity.

On January $2,$ the company paid $$3,960$ for a two$-$year insurance policy covering the new equipment.

Inventory costing $$151,700$ was purchased on account.

Sales to customers totalled $$350,960,$ of which $$157,440$ were on account. The cost of the inventory that was sold to

customers was $$125,460.$

Collections from customers totalled $$136,120.$

Paid $$63,960$ on accounts due to suppliers.

Employees earned wages totalling $$97,580,$ of which $$18,040$ remained unpaid at the end of the year.

Rent payments for the year amounted to $$45,045,$ which was for $12$ months plus one month's rent as a damage deposit.

Adjusting entries:

The company recorded the insurance expense for the year.

The interest on the note payable was recorded.

The equipment was estimated to have a useful life of five years and a residual value of $$9,840.$ The company uses the

straight$-$line method of depreciation.

On December $20,2024,$ the company's board declared dividends of $$12,540$ to be paid on January $20,2025.$