Ron Abrams has come into your office for his weekly $1$ on $1$ in which you update him on your weekly progress on your projects.$$ He has arrived with a stack of paperwork in his hands and a befuddled look on his face.$$ You ask what$$s going on and he responds as follows. $$Last year, as you know, we purchased a bankrupt, closed down bottling facility in The Ukraine.$$ I don$$t know if you know this but in countries other than Canada they are using somewhat different accounting policies than we do$,$ and the reports I have for the first few months of operations for that location look nothing like anything I have seen before.$$ I$$m aware that the company made no money this month as it$$s had no sales or operations, but I cannot understand our capital position.$$ I$$m leaving you with a new project.$$ I know you$$ve been learning accounting so I want you to take the opening information for the business from the date of purchase and come up with the balance sheet as it should appear to me as a Canadian Reader.$$ You are somewhat puzzled with this new challenge, yet flattered at the same time, and agree to take it on$.$

Given:

The newly purchased firm was bought on November $1.$ At inception the balance sheet accounts of the firm were as follows:

Accounts Payable $$85,000$

Bonds Payable $($Over $1$ Year$)$ $ $45,000$

Accounts Receivable $$67,000$

Share Capital $$936,200$

Land $$490,000$

Furniture and Fixtures $$15,000$

Building $$320,000$

Wages Payable $$55,000$

Equipment $$175,000$

Bottle Processing Patent Fee's Payable $$25,000$

Cash $ $2,200$

Taxes Payable $$58,000$

Notes Payable $$60,000$

Bottle Inventory $$195,000$

During the month of November the following transactions occurred:

A

Accounts receivable were collected in the amount of: $$19,300$

B

Wages due were paid out of cash in the amount of: $$18,300$

C Equipment was purchased on credit for the amount of: $$178,300$

$$This amount was due on delivery and was paid in cash: $$3,400$

D

Land appraised for this amount: $$560,000$

E

A stakeholder, Bruce Wayne, provided the co with equipment and in return received in shares for this amount: $$68,300$

F Shares were retired for Bonds Payable for this amount:

$$303,300$

The bonds payable are due Dec. $15,2025$

G Bottle processing patent fees for this amount

$$ were completely paid out on credit: $$25,000$

H Old bottles for this amount were returned to the former$$supplier for their cash value:

$$178,300$

I

A bank loan was taken out for this amount: $$68,300$

The amount was kept in cash over the end of the month

Some explanations of the transactions:

E$.$ Normally a shareholder provides cash to the company in exchange for shares. In this transaction Bruce Wayne provides equipment instead of cash.

F$.$ Retiring shares means the company took back the shares it once distributed to shareholders. In taking back the shares they gave the shareholder bonds.

G$.$ Completely paid out on credit means the amount to paid for the patent fees was moved to the account that the company uses when it receives credit from a supplier.

$1.$ Create the T$-$Accounts to capture the transactions above that occurred in November.

$2.$ Create a Balance Sheet for November $30$th assuming no other transactions occurred for the month other than those noted above