Fit for Life (FFL) operates a fitness centre, and FFL began the year with an inventory of 50 nutritional snack bars, at a total cost of $90. The following is a partial listing of FFL's transactions during its year ended December 31. Assume FFL adjusts its records only at year end. Jan. 6 Purchased 50 snack bars at a cost of $100, under terms 5/10, n/20. FFL uses a perpetual FIFO inventory system. Jan. 7 Paid for the Jan. 6 purchase. Jan. 8 Sold 60 snack bars to Big Jim for $240 cash, plus $24 in sales tax. Apr. 30 Received $55,000 from Commerce Bank after signing a 24-month, 6 percent, promissory note. Aug. 31 Signed a 6-month contract to sublease a portion of the building to a hair salon. FFL received a $12,000 cheque for six months' rent. Dec. 30 Paid employees their net pay through December 31, using direct deposits totaling $2,800, for 343 total hours at a $10 hourly wage. The company had withheld CPP of $140, El of $130, United Way contributions of $20, and income tax of $340. Dec. 31 Adjusted the accounts at year-end, relating to payroll, interest, and rent