Nevada INC. Statement of Financial Position As of December 31, 2019 ASSETS LIABILITIES Cash Acc. Rec. Inventory Supplies Building $400,000 Acc. Depr. (7,600) Land $45,000 35,000 70.000 600 Note Payable [1] 6% $10,000 Acc. Payable 24,000 Note Payable [2] 296,000 Total Liabilities $330.000 STOCKHOLDER EQUITY 392,400 28,000 Total Assets $571,000 Common Stock $2 par Excess of Par Retained Earnings $120,000 80,000 41,000 Total Equity $241,000 Total Liability & Equity $571,000 Jan. 1- Purchased for $18,000 in cash, $20,000 worth of equipment. This equipment has a useful life of five years. Jan. 2 - 200,000 shares of Common Stock sold. Selling price per share was $15 dollars per share. Cash received from this was $3,000,000. Jan. 3 - Advertising expense of $3,000 was paid in cash Jan. 5 - A two-year insurance policy secured for $1,200. A cash payment made and the policy effective period of coverage is from January 1, 2020 through December 31, 2021. Jan. 30 - January's Note 2 monthly payment made in the amount of $6,000. Rate of interest was a fixed rate of 10%. Feb. 15 - Services provided and $100,000 in cash was $100,000 received. Feb. 16 - Wages paid for $30,000. Feb. 28 - A note payment for Note Number [2] paid in the amount of $7,000. Mar. 1 - Purchased $14,000 worth of inventory. Only $5,000 paid at the time of purchase. 10. Mar. 1 - Billed customer $34,000 for work completed. Mar. - Purchased equipment for $100,000. A part payment of $10,000 was made a note was signed for the balance. This note has a 7% interest rate. Mar. 1-Paid in cash $30,000 for Feb wages. Mar. 10 - Marketing expenses of $13,000 paid this date. Mar. 20 - Declared a dividend of $2 per share for all shares own by shareholders on April, 2020. Mar. 30 - End of the quarter supply inventory was $100. 16. Mar. 30 - Received a utility bill for the quarter ending March 31, 2020. 17. Mar. 31 - 20,000 more shares sold at a price of $18 per share. 18. Mar. 30 - Income Tax Rate was 20%. PREPARE THE Income Statement; Statement of Retained Earnings; Statement of Financial Position (Balance Sheet] for the QUARTER ENDING 3/31/20 Notes: Building has a 20 year useful life. All Equipment has a useful life of 5 years