Let's Dance Corporation Transactions On December 1st, you and your friends invest $300,000 into the company in exchange for Let's Dance common stock. On December 15t, you and your friends buy a building with an expected life of 40 years for $180,000. Your company uses straight-line depreciation. On December 1st, you and your friends purchase $72,000 worth of dance equipment on account from Dancer's Unlimited. The equipment has an expected life of 12 years. On December 1st, you and your friends purchase prepaid insurance for a year for $1,200. On December 1st, you and your friends borrow $120,000 from the bank. The loan is due 1 year from now and carries an interest rate of 6 percent. On December 3"d, Let's Dance opens for business! On that day 100 people show up and pay the $50 admission fee to dance on your spectacular floor! On December 5", you realize that you need some office supplies, therefore, you go out and purchase $500 worth of supplies on account from the local office superstore. On December 7th, you hire Whitney to give private dance lessons to your patrons. Two of your patrons pay $400 each in advance for lessons to be given on December 12. On December 12", Whitney gives private dance lessons to one of the patrons that paid in advance. The other patron is unable to attend and reschedules his dance lesson for January 12, next year. You owe Whitney $100 for giving the lesson. 0. On December 15th, 500 people show up to dance on that spectacular floor. The admission fee is $40 per person. 100 of them ask to put the $40 on their account. 1. On December 18th, you pay Whitney's salary of $100. 2. December 20th is "Senior Citizens Day." Seniors get to dance on your spectacular floor for only $30. 400 seniors attend that day and pay cash