QUESTION SET 3. Following is the end of year balance sheet for Sullivan Camping Outfitters, Inc. (SCO) as of December 31, 2020 after all 2020 operations have been closed out. In 2020, the corporation generated a net income of $225,000. Answer the following questions using this information and the financial statement below.

B2. Compile the balance sheet, for the end of the day, January 6, 2020; after the new is stock is issued and the proceeds are disbursed as described in based on the above transactions. Your answer should be in the form of the same balance sheet with new balances in the accounts that were impacted by the transactions above. An empty Balance Sheet is provided on the next page for your answer. Note that not all accounts will be impacted by the above transactions.

SULLIVAN Camping Outfitters, INC. Balance Sheet; December 31, 2019
Current Assets		Current Liabilities
Cash	$45,000	Wages Payable	$25,000
Marketable Securities	15,000	Accounts Payable	30,000
Accounts Receivable	10,000	Notes Payable	25,000
Inventory	125,000	Total Current Liabilities	$80,000
Prepaid Expenses	10,000
Total Current Assets	$ 205,000	Long-term Debt
		Mortgage and LT Loans	$400,000
Fixed Assets		Total Long-term Debt	$400,000
Net Fixed Assets	$ 1,000,000
Total Fixed Assets	$ 1,000,000	Owners Equity
		Common Stock (25,000 shares @ $8 par value)	$200,000
		Retained Earnings	525,000
		Total Owners Equity	$725,000
Total Assets	$1,205,000	Total Liabilities and Owners Equity	$ 1,205,000

SULLIVAN Camping Outfitters, INC. Balance Sheet; January 6, 2020
Current Assets		Current Liabilities
Cash	$	Wages Payable	$
Marketable Securities	$	Accounts Payable	$
Accounts Receivable	$	Notes Payable	$
Inventory	$	Total Current Liabilities	$
Prepaid Expenses	$
Total Current Assets	$	Long-term Debt
		Mortgage and LT Loans	$
Fixed Assets		Total Long-term Debt	$
Net Fixed Assets	$
Total Fixed Assets	$	Owners Equity
		Common Stock (XXXXXX shares @ $8 par value)	$
		Retained Earnings	$
		Total Owners Equity	$
Total Assets	$	Total Liabilities and Owners Equity	$

Insert the balances for all accounts and section totals, regardless if their balances were impacted by the transactions or not. Include ALL totals.