K incorporated and opened a business on September 1,2020. The business will sell golf clubs and also offer golf lessons. During the month of September, K did the following: Invested $700,000 cash in the company in exchange for common stock Borrowed $400,000 from the bank Prepaid rent for six months with $60,000 Purchased golf club inventory (for resale to customers) for $200,000 cash Passed a corporate resolution to pay herself a salary of $10,000 per month, the first paycheck will be October 1st Performed $25,000 worth of golf lessons and was paid cash Sold $140,000 of the golf club inventory to a customer for $350,000, of which $300,000 was paid in cash, the remainder was sold on credit. Received a $10,000 cash retainer from a client to perform golf lessons in the future