IBM Corp.
Initial Financial Position (30 November 2022):

• Creditors: $2,900,000
• Equipment: $11,500,000
• Motor vehicle: $6,200,000
• Stock of goods: $9,500,000
• Debtors: $6,200,000
• Cash at bank: $16,000,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2022:
(a) IBM bought extra equipment on credit for $2,000,000.
(b) IBM bought extra stock by cheque $700,000.
(c) IBM paid creditors by cheque $1,200,000.
(d) Debtors paid IBM $900,000 by cheque and $80,000 by cash.
(e) IBM put in an extra $350,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2022 after the above transactions have been completed.