Show me the steps to solve One of the shareholders of the Canadian Cookies and Cakes Ltd$.$ is considering selling her shares, which represent one$-$third of the company$$s outstanding shares. The company is preparing its financial statements, which will be used by the shareholder to help determine the value of her shares. The following transactions have occurred since the shop started operations at the beginning of this year:

$1.$ The company borrowed $$30,000$ from the bank to help get the business started, and repaid $$10,000$ of this before year end. Shareholders also paid $$30,000$ for their shares when the company started.

$2.$ Ingredients costing $$42,000$ were purchased on account, and $80\%$ of these ingredients were used in goods that were baked and sold during the year. Before the end of the year, payments of $$37,000$ were made for these ingredients.

How much is sccounts payable?