Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. KISSICK CO. Balance Sheet Assets: Cash $ 691,000 Accounts receivable Merchandise inventory 65,000 120.000 876.000 180,000 Total current assets Equipment Total assets Liabilities: Accounts payable a. Issued 191,000 shares of $4-par-value common stock for $764,000 in cash. b. Borrowed $520,000 from Oglesby National Bank and signed a 10% note due in three years. c. Incurred and paid $390,000 in salaries for the year. d. Purchased $700,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $910,000, all on credit f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. g. Purchased $180,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $128,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded. i. Incurred and paid utilities expense of $38,000 during the year. 1. Collected $845,000 in cash from customers during the year for credit sales previously recorded k. At year-end, accrued $52,000 of interest on the note due to Oglesby National Bank 1. At year-end, accrued $20,000 of past-due December rent on the sales facilities. $ 1,056.000 Total current liabilities 0 $ 0 Total liabilities Stockholders' Equity: 0 Total Stockholders' equity Total liabilities and stockholders' equity $ 0