In the following problem, you start with your company's 2016 year-end Balance Sheet. You must then determine your company's 2017 year-end Balance Sheet. (Given) End of 2016 (Determine) End of 2017 ASSETS Cash Accounts Receivable $5,000,000 $1,000,000 $0 $7,000,000 Finished Goods Inventory Fixed Assets LIABILITIES Accounts Payable Long Term Loans Payable $500,000 $3,000,000 EQUITY Owners Investment $7,000,000 $2,500,000 Retained Earnings Incorporate the following financial activities, which took place in 2017 (and only these transactions), into the 2017 year-end balance sheet. As a suggestion, you could set up Taccounts to capture the transactions. Also, you will need two additional Taccounts (not shown on the balance sheet) Sales Revenue and Cost of Goods Sold, to determine Retained Earnings. These accounts go away at the end of the year. 1. The company used $500,000 Cash and added $100,000 to Accounts Payable, to build Finished Goods Inventory. 2. $400,000 worth of inventory was sold for $1,000,000 in cash and $250,000 in Accounts Receivable. 3. At year-end, the company paid off all Accounts Payable, and received Cash to settle all Accounts Receivable