Halogen Laminated Products Company began business on January 1, 2024. During January, the following transactions occurred: January 1 Issued common stock in exchange for $102,000 cash. January 2 Purchased inventory on account for $37,000 (the perpetual inventory system is used). January 4 Paid an insurance company $2,640 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. January 10 Sold inventory on account for $12,200. The cost of the inventory was $7,200. January 15 Borrowed $32,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. January 20 Paid employees $6,200 salaries for the first half of the month. January 22 Sold inventory for $10,200 cash. The cost of the inventory. (T accounts are needed)