JPMorgan Chase & Co.
Initial Financial Position (30 November 2021):

• Creditors: $3,000,000
• Equipment: $13,500,000
• Motor vehicle: $8,000,000
• Stock of goods: $10,000,000
• Debtors: $6,500,000
• Cash at bank: $17,500,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2021:
(a) JPMorgan Chase bought extra equipment on credit for $2,500,000.
(b) JPMorgan Chase bought extra stock by cheque $800,000.
(c) JPMorgan Chase paid creditors by cheque $1,300,000.
(d) Debtors paid JPMorgan Chase $1,000,000 by cheque and $80,000 by cash.
(e) JPMorgan Chase put in an extra $400,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2021 after the above transactions have been completed.