Melody Lane Music Company was started by John Ross eacly in 2024. initial capilal was acculred by iswuing shares of common stock to varlous investors and obtaining a bank loan. The compeny operates a retal store that sells records, tapes, and compact discs. Business was so good during the first year of operations thet John la considering opening a second store on the other side of town. The funds necessary for exparision will come from a new bank loan in onder to approve the loan, the bank tequires financial statements. John asks for your help in preparing the balance sheot and presents you with the following information for the year ending December 3t, 2024 : a. Cosh receipts conslited of the following b. Cash disbursements were as foliows: c. The bank loan was made on March 3t, 2024. A note was signed requiling pasment of interest and principal on March 31, 2025. The interest rate is 122 . d. The equipment was purchased on lanuary 3, 2024, and has an estimated uselul ate of 5 years with no anticipated salvage value. Depreciation per year is $8.800 e. Inventory an hand at the end of the year cost $104,000 t. Amounts owed at December 31, 2024, were as foliows: 9. Rent on the store bulding is $2,000 per month. On December 1,2024 , four months rent was paid in advance. h. Not income for the year was $80,000. Assume that the company is not subjoct to federal, state, or locel income tax 1. Three hundred thousand shares of no por common stock are authorized, of which 24,000 sheres were issued and are outstanding Required: Prepare a balance sheet at December 31, 2024. Include heodings for each clasufication, as well as tries for each classification's subtetal Note: Amounts to be deducted should be indicated by a minus sign. Answer is not complete