Required information [The following information applies to the questions displayed below] Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1,500 common shares to Kelly in exchange for $22,000. (b) Borrowed $43,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by paying cash of $48,000 and signing a promissory note for the remaining $7,000 due in six months. This loan contains a clause ("covenant") that requires Business Sim Corporation (BSC) to maintain a ratio of current assets to current liabilities of at least 2.1 . (d) Received $1,100 of supplies and promised to pay for them in 30 days. Recommendation - Click on the Hint link and watch the guided example for this question. It provides a helpful review of the following process: (1) analyze each transaction for its effects on the accounting equation, (2) record the effects using a journal entry and post them to T-acocunt, (3) prepare a classified balance sheet and (4) calculate current ratio. CAUTION The guided examples are a great study resource to help you learn the material, but they will not be available on the exam so make sure you are able to do these questions independently. 3. Assuming BSC entered into no other activities during its first year ended September 30, prepare the company's classified balance sheet. Inciude a balance of zero in Retained Earnings