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isc. expenses of $50,000. This summarizes all revenues and expense of business #2. All in cash. 7/1 Prepaid $24,000 cash for a 12-month insurance policy (starting on 7/1) 8/1 Borrowed a $100.000 in cash from bank. Stated rate of interest is 10%. Principal and interest due 7/31/x2 9/12 Purchased $5,000 more of supplies on credit 9:16. Provided consulting services of $30,000 on credit to client "Y" from the main (tirst line) consulting service division. 10/ 1Purchased S10,000 (with cash) of an investment in another company's (Pear Inc.) Phased $5,000 in bonds of Pear (not considered trading) 10/20 collected $5,000 from client "Y". 10121 Delivered $150,000 for services delivered to Client "ZA" on account. 021 80% of the services for client X are performed. 12/1 Decided to sell second line of consulting business. Found a buyer for second line of consulting services. Sold the business in exchange for $40,000 worth of equipment, which resulted in a gain of $40,000 as the second line had no assets or liabilities. 12/15 Paid down the payable (supplies) with a $1,000 cash payment. We received $100,000 cash from Client "ZA" 12/31 Counted supplies and determined that $5,000 of supplies were still on hand 12/31 Total salaries paid in year equaled $35,000. Remaining salaries are to be paid on 1/3/x2. The total amount of current year expense is $45,000. The amount unpaid related to this amount at year-end is $10,000. 12/31 Determined appropriate total depreciation is $10,000 12/31 Determined that the stock purchased on 10/1 was now worth $16,000. However, the stock was not sold. Determined the bonds were worth 12,000. 12/31 We declared and paid a dividend of $10,000 to our investor 12/31 We received cash of $2,000 in dividends from Pear Inc. We received $1,000 in interest from bonds. Tax Rate is 21% (none of the tax is paid, but it is accrued as a liability)