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Billow is the balance shoot for a store in the end of the first year, and transactions for the Balance Sheet (December 31, 20x0) Cash $14,400 Loans Payable $9.000 Rent Deposit $5,000 Total Liabilities $9,000 Inventory $20,000 Stock $25,000 Retained Earnings $7,000 Total Equity $32.000 Total Assets $39,400 Total Liab. and Equity $41,000 Transactions (January 1 - March 31, 20x1) Description Amount Comment Product Purchased $49.200 2.400 tops and 1.700 pants Receipts from sales $105,000 4,200 units at average cost of $12 each Advertising /Promotion $12,000 increased promotion Payroll Expense $25,000 includes taxes and benefits Other Expense $10.000 includes $1,000 in shrinkage Loan Payment $1.000 principal reduction Update the Balance Sheet to reflect the results for the quarter. Cash Loans Payable Rent Deposit Total Liabilities 50 Inventory Stock Retained Earnings Total Equity Total Assets Total Liab. and Equity 50