John Wooden founded a company called Wooden It Be Nice on January $1$st$,2023$ which sells hand$-$made wooden tables.The annual reporting period ends on December $31$st$,2023.$ During $2023,$ the following transactions occurred $($and assume these were the only transactions in $2023)$:a$.$ On January $1$st$,$ Wooden It Be Nice issues $1,000$ shares of $$1$ par value common stock to its owner, Mr$.$ Wooden, in exchange for $$220,000$ cash and a delivery truck worth $$95,000.$ The truck will be depreciated using the units$-$of$-$production method with a useful life of $5,000$ deliveries and a residual value of $$10,000.($HINT: The delivery truck is an asset the company receives for issuing stock, similar to cash$).$b$.$ On March $19$th$,$ the company purchased $230$ tables for $$220$ gach on account from a well$-$known local woodworker and put them into inventory.c$.$ On May $5$th$,$ Mr$.$ Wooden discovered that another local furniture store, Sofa So Good, sold identical tables. To corner the local market, Wooden It Be Nice buys out Sofa So Good's operations, paying $$155,000$ in cash to acquire all of Sofa So Good's assets and assume all its liabilities. Sofa So Good's only assets were $300$ tables worth $$310$ each and were classified as inventory, and its only liabilities were accounts payable totaling $$15,000.$d$.$ On July $27$th$,$ the.company sold and delivered $250$ tables for $$135,000$ on account with terms $2/10,$ n$/30.$ To recognize cost of goods sold, Wooden It Be Nice uses the last$-$in$,$ first$-$out $($LIFO$)$ method.e$.$ On August $1$st$,$ Wooden It Be Nice received payment for the sale made on July $27$th in $($d$).$f$.$ On September $10$th$,$ Wooden It Be Nice paid off all outstanding accounts payable.g$.$ On October $10$th$,$ the company sold and delivered $260$ tables for $$165,000,$ receiving payment via credit card.The credit card processor charges a $3\%$ fee.h$.$ On November $30$th$,$ the company borrowed $$20,000$ from a local bank, signing a note agreeing to repay the loan in two years. The loan's $8\%$ interest will be paid in full on the date of maturity $($i$.$e$.,$ the date the loan due to be paid off $-$ in roughly two years$).$i$.$ As of December $31$st$,2023$ the delivery truck acquired in $($a$)$ has made $510$ deliveries, Wooden It Be Nice could replace the tables in inventory at a market value of $$300$ each, and the market value of its goodwill is $$200,000.$j$.$ After recording adjustments for the year, Wooden It Be Nice receives an offer it can't refuse on December $31$st$,2023$ and decides to sell the delivery truck for $$125,000$ cash.