In a balance sheet please

1 1 2. 3 4 5 6 APRIL 2020 TRANSACTIONS (FIRST MONTH) Ben and Elon both invested $50,000 ($100,000 total) cash into the business in exchange for stock. NOTE: You will have to revisit the remainder of this line item after we complete Chapter 11. in exchange for their investment they both received 1,000 shares (2,000 shares in total) of $25 par value Common Stock. The company is authorized to issue up to 3,000 shares A used truck was purchased for $11,000 cash. The truck has an estimated useful life of 50,000 miles and a salvage value of $1,000. Although used, Ben and Elon hope that this truck will last at least five years. BE decided a building was needed for the business. To make sure that the business had enough cash they secured a loan with the local bank for $48,000 (cash). The terms of the loan are: Loan Amount = $48,000; Interest Rate = 12% annual rate: Number of Periods. 4 Years. See Loan Amortization Tobin Excel Workbook for Details The perfect building was found. The building was located on a piece of property ("land"). They purchased the building and land by paying cash in the amount of $100,000. The building was valued at $80,000 and the land was valued at $20,000. The building is estimated to have a useful life of 40 years and a salvage value of $8,000. Rented a small storage space off-premises to keep the extra bike inventory. The total cost of the storage space was $300 for the current month. Cash was paid. Performed repair services for various customers in the amount of $2,000. 25% of the customers paid in cash. The remaining customers received bills. Found a vendor of electric bikes that they wanted to work with (BE would purchase the bikes and then resell to customers). The initial purchase was for ten bikes. Each bicycle was purchased for $1,000, The vendor trusted them and gave them terms. Thus, no payment was madeeeded at this time. NOTE: BE Electric Bikes plans to use the average cost method of dealing with inventory cost flow. Purchased a twelve-month insurance policy that covers the period of April 1 of the current year to March 31 of the next year. The total amount paid was $2,400 cash. Sold one electric bike to a customer for $1,800 plus 5% sales tax. The customer paid in cash for the purchase (bike and sales tax). NOTE: The sales tax is collected by Be, however, this is money that is owed to the government. Sold two bikes to a customer in Canada. The total amount of the sales was $3,000. As the sale was out of state/country no sales tax was charged. The customers paid Be with cash (U.S. dollars). Received a bill for $800 of advertising that would be used up during the current month. The amount was immediately paid (in full) with cash. Performed $1,000 worth of bike repairs for customers. BE mailed out the invoices to the customers with the expectation that the customers will promptly pay. Purchased $400 of office supplies for the month of April. All supplies will be used by the end of April. The purchase was made on BE's company credit card. 7 00 9 10 11 12 13