Name: Bart and Lisa run a lemonade stand called Springfield Lemonade Inc. Springfield Lemonade Inc. is a calendar year accrual basis taxpayer. Springfield Lemonade Inc.'s FEIN number is 34-5678901. Springfield Lemonade Inc. is located in Springfield, USA. Springfield Lemonade Inc. sells lemonade from its stand on the side of Main Street, as well as, lemonade to local businesses in Springfield USA that these local businesses sell to their customers. Use the following accounting information for Springfield Lemonade Inc. to complete its Form Schedule C (ok to use either 2017 or 2018 draft version from IRS website) Springfield Lemonade Inc. made sales of lemonade to customers at the lemonade stand in the amount $20,000 in cash. Springfield Lemonade Inc. made sales of lemonade to local businesses in the amount of $30,000. Springfield Lemonade bilied half of its local business customers $15,000 in 2018, for which it received payment. Springield Lemonade Inc. plans to bill its remaining half of business customers $15,000 in January 2019 1. On January 1, 2018, Springfield Lemonade Inc. had no ($0.00) of lemonade or supplies on hand (no inventory at beginning of the year). During 2018, Springfield Lemonade Inc. purchased $40,000 in lemons, sugar, water, ice, plastic cups & containers, and straws. Bart and Lisa did not use any of these materials for personal use. As owners of the company, Bart and Lisa did all the work themselves. They did not incur any labor costs -they did not receive a salary. At the end of 2018, Bart and Lisa also incurred $5,000 in other materials and supplies related to making the lemonade it sold in 2018. On December 31, 2018, Springfield Lemonade Inc. had $5,000 in inventory remaining on hand. Springfield Lemonade Inc. uses the "cost method" to value inventory 2. 3. On June 1, 2018, Springfield Lemonade Inc. took out a business related insurance policy for 1,200, which covered 2018 and 2019, Springfield Lemonade Inc. prepaid the entire $1,200 insurance policy on June 1, 2018 4. During 2018, Springfield Lemonade Inc. made the following business related purchases (in cash): a) lemonade mixing machine for $1,000, 2) delivery truck for $10,000, 3) advertising costs $2,000, and 4) costs for meals (business related to new customers) for $1,000, and $1,000 for entertainment costs for friends and family at 4th of July party. With regards to the purchase of the delivery truck for $10,000, Springfield Lemonade Inc. would like to depreciate or expense the truck as fast as possible, under current law Prepare a draft Schedule C for Springfield Lemonade Inc