Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 190,000 shares of $5-par-value common stock for $950,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 10% note due in three years. c. Incurred and paid $420,000 in salaries for the year. d. Purchased $720,000 of merchandise inventory on account during the year. e. Sold inventory costing $590,000 for a total of $910,000, all on credit. f. Paid rent of $330,000 on the sales facilities during the first 11 months of the year. g. Purchased $170,000 of store equipment, paying $55,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $115,000 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 $35,000 during the year. j. Collected $835,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $51,000 of interest on the note due to Oglesby National Bank. I. At year-end, accrued $30,000 of past-due December rent on the sales facilities.