Questions 125 marks) Envoi was formed on January 1, 2016, when Envoi issued common shares for $500,000. Early in January 2016, Envoi made the following cash payments: a. $250,000 for equipment b. $200,000 for inventory (four cars at $50,000 each) C. $10,000 for 2016 rent on a store building In February 2016, Envoi purchased six cars for inventory on account. Cost of this inventory was $260,000 ($43,333.33 each). Before year-end, Envoi paid $208,000 of this debt. Envoi uses the FIFO method to account for inventory. During 2016, Envoi sold eight vintage autos for a total of $600,000. Before year-end, Envoi collected 80% of this amount. The business employs three people. The combined annual payroll is $55,000, of which Envoi owes $4,000 at year end. At the end of the year, Envoi paid income tax of $10,000. Late in 2016, Envoi declared and paid cash dividends of $11,000. Duguly 2020, Orgonite Wellness dinie completed the following transactions: dan 1 Orgonite received $50,000 cash and issued common shares to shareholders 4 Purchased supplies, $5,000, and equipment, $2.500 on account 5 Performed checkup services, and received cash, $2,500 7 Paid cash to acquire land for an office site, $25,000 11 Performed a therapy session, and billed the customer $2500 16 Paid for the equipment, purchased Oct 4 on account 17 Paid the telephone bill, $150 18 Received partial payment from client on account, $2000 22 Paid the water and electricity bills, $500 29 Received $5,000 cash for conducting a workshop on "Healthy Living" 31 Paid employee salary, $4,000 31 Declared and paid dividends of $4,500 Requirements: EL. DE acer