1. Prepare a balance sheet for the fiscal year ending April 30, 2020 based on the following transactions:

1) retained earnings $1,562,046

2) patent royalty 19,030

3) merchandise inventory 2550

4) furniture purchased November 1, 2018 30,000

5) promissory note matured 175,000

6) taxes owed =18,000 + 20% of merchandise inventory

7) insurance bought May 1, 2019 for 2 years 6,500

8) 20% of customer debt not collectible

9) commissions owed 18,600

10) par value: common $175/share

11) customers owe 40,000

12) ending cash balance equals amount from sale of business property

13) preferred stock: shares sold = 410

14) equipment purchased May 1, 2015 250,000

15) office furniture 5 year service life; SLD

16) mortgage on equipment 652,619

17) common stock sold = 625 shares

18) equipment 10 year service life; SLD

19) par value: preferred $200/share

20) supplies owed 15,750

21) Company Y promissory note matured 232,000

22) building purchased May 1, 2016 700,000

23) bond 108,000

24) land sold at 10% over market value; purchased May 1, 2016

@ $750,000

25) building 20 year service life: SLD

26) land value appreciates @ 15%/year

27) charitable causes 250,895

28) equipment owed 90,000

29) salaries owed 120, 179

30) copyright royalty 148,600

31) long term loan 58,246

32) scholarship fund 90,000

*SLD = straight- line depreciation

*Appreciation is straight-line appreciation