Intel Corporation
Initial Financial Position (30 November 2016):

• Creditors: $2,700,000
• Equipment: $12,500,000
• Motor vehicle: $7,000,000
• Stock of goods: $9,500,000
• Debtors: $6,500,000
• Cash at bank: $17,000,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2016:
(a) Intel bought extra equipment on credit for $2,200,000.
(b) Intel bought extra stock by cheque $750,000.
(c) Intel paid creditors by cheque $1,300,000.
(d) Debtors paid Intel $1,000,000 by cheque and $80,000 by cash.
(e) Intel put in an extra $350,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2016 after the above transactions have been completed.