Sparkling Clean Dry Cleaners Inc. began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $155,000 cash. 2. Purchased dry cleaning equipment for $80,000 cash. 3. Purchased cleaning supplies, on account, for $9,400. 4. Used $8,400 of the supplies in cleaning operations. 5. Collected $125,500 from customers for dry cleaning services provided. 6. Borrowed $15,000 from the bank on July 1, 2020, at an interest rate of 8% per year. (Use Bank Loan Payable) 7. Paid wages of $52,000 to employees. In addition to this, $1,000 of wages were owed to employees at the end of the year. 8. Depreciated the equipment by $3,000 for the year. 9. Paid $24,500 for utilities (telephone, electricity, and water). 10. On December 31, paid interest on the bank loan described in transaction 6.