Following are the transactions and adjustments that occurred ouring the first year of operations at Kissick Company.

a. Issued 230,000 shares of $6 par-value common stock for $1,380,000 in cash.

b. Borrowed $550,000 from Oglesby National Bank and signed a 11% note due in three years.

c. Incurred and paid $400,000 in salaries for the year.

d. Purchased $740,000 of merchandise inwentory on account during the year.

e. Sold imventory costing $660,000 for a total of $940,000, all on credit.

f. Paid rent of $330,000 on the sales facilities during the first 11 months of the yeat.

g. Purchased $150,000 of store equipment, paying $51,000 in cash and apreving to pay the difference within 90 days.

h. Paid the entire$99,000 owed for store equipment and $600,000 of the amount due to suppliers for credit pi recorded.

i. Incurred and paid utilities expense of $45,000 during the year.

J. Collected $845,000 in cash from customers during the year for credit sales previously recorded.

k. At year-end, accrued $60,500 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.