Sparty Corporation has been operating for two years. The December 31, 2020, account balances are: Cash $220,000 Accounts Payable $140,000 Accounts Receivable 55,000 Salaries Payable 25,000 Inventory 20,000 Notes Payable 160,000 Supplies 15,000 Contributed Capital 190,000 Equipment 140,000 Retained Earnings 130,000 Land 195,000 During the year 2021, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet; we are assuming for simplicity that the company had no revenues or expenses during 2021. Accordingly, we are ignoring any interest associated with the Notes Payable. a. Collected $35,000 cash on open accounts receivable from customers. b. Received a $80,000 loan from the bank, payable in five years. c. Bought additional inventory for $12,000 on account. d. Ordered $12,000 of inventory from a supplier to be delivered next month. e. Received $7,000 of supplies that were ordered last month but will not pay the invoice until the end of the year. f. Paid off $45,000 of notes payable. g. Purchased additional equipment costing $50,000; paying $22,000 in cash and signing a promissory note (i.e., a note payable) to pay the balance in four years. h. Issued additional shares of stock, receiving $102,000 in cash from investors. Purchased $90,000 of land with cash. i. j. Paid off $14,000 of salaries owed from the prior year. Submit all answers to D2L in one Excel file with multiple worksheets. The steps in this assignment parallel the example covered in the lecture for Wednesday January 26 so refer to your course pack and the recorded lecture. One difference is the example considers a new firm so all the beginning balances in the accounts are zero. In this assignment, there are beginning balances in the accounts. There is also a similar example starting on page 65 of your text. We will also cover a similar example in recitation on Friday January 28. Try to complete the assignment