On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,772 cash. The new company, Blossom Sales and Service, has the following transactions during January 1 2. 3. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space, Purchases 43 personal computers at a cost of $1,688 each, 9 graphics computers at a cost of $2,688 each and 28 printers at a cost of $488 each, paying cash upon delivery Sales, repair, and office employees earn $14,372 in salaries and wages during January, of which $4,772 was still payable at the end of January Sells 33 personal computers at $2,738 each, 7 graphics computers for $3,788 each and 18 printers for $688 each: $76,772 is received in cash in January, and $52,482 is sold on a deferred payment basis. Other operating expenses of $10,172 are incurred and paid for during January: $3,772 of incurred expenses are payable at January 31 4. 5. TELUGU vonuaryVEV (1) Cash Basis (2) Accrual Basis Dividends Expenses Net Income /(Loss) Retained Earnings, January 1 Retained Earnings, January 31 Revenues Total Expenses Total Revenues Salaries and Wages Rent Other Operating Expenses Cost of computers & printers $ >