On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,480 cash. The new company, Skysong Sales and Service, has the following transactions during January. 1. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. 2. 3. Purchases 41 personal computers at a cost of $1,620 each, 7 graphics computers at a cost of $2,620 each, and 26 printers at a cost of $420 each, paying cash upon delivery. Sales, repair, and office employees earn $13,080 in salaries and wages during January, of which $3,480 was still payable at the end of January. 4. Sells 31 personal computers at $2,670 each, 5 graphics computers for $3,720 each, and 16 printers for $620 each: $75,480 is received in cash in January, and $35,810 is sold on a deferred payment basis. 5. R Other operating expenses of $8,880 are incurred and paid for during January: $2,480 of incurred expenses are payable at January 31.