Infinity Incorporation began its operations on January 1, 2016. The company starts its operations in accounting period ended 31 December 2021 with the following account balances. Cash Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Dividends Payable Notes Payable Common Stock at Par Additional Paid-in Capital Retained Earnings $ 110,000 62,500 113,500 12.000 60,000 9,200 40,000 40.000 104,000 44,800 N 6 The following transactions were completed during January 2021. January Issued 15,000 common stocks at an issue price of $4 per share as the additional capital to the business. The par value of each share is $1. Acquired furniture worth of $27,000 with a cash down payment of $7,000. The company received a note for the evidence of the remaining balance. 6 Made sales to customers worth of $150,000 with cash sales worth of $30,000. The cost of goods sold was $55,000. 10 Acquired inventory worth $42,000. The business paid cash of $8,000 on the acquisition date. The remaining balance is to be paid within 6 months period. 12 Obtained a financial loan from Excel Company worth of $100,000. The business received a 6-year promissory note as evidence of the loan. 14 Paid part of business's accounts payable worth $16,000. 17 Made a return of inventory purchased on credit to suppliers worth $500. 18 Paid selling and administrative expense worth $5,000. 20 Paid wages expense worth $40,000. 21 Recognized depreciation expense of furniture worth $2,100. 23 Made partial collection from trade debtors worth $22,000. 30 Recognized rent expense of the month. The available prepaid rent is for January 2021-June 2021. 31 Paid cash dividends declared in previous accounting period. 3 REVUIRCU. 1. Prepare an analysis of transactions for Infinity Incorporation, for the month of January 2021. (17 MARKS)