(Stevens Bikes began operations in April 2017 and had the following transactions.

Owner invested $120,000 cash and a truck worth $36,000 in exchange for stock.

Paid $84,000 cash for 6 months rent.

Purchased $300,000 of bicycle inventory on credit.

Sold bicycles for cash of $507,000. The cost of the bikes sold was $180,000.

Sold and invoiced bicycles to a client for $95,400. The cost of the bikes sold was $48,000.

Paid $90,000 cash for an advertising campaign in connection with Tour de France. The campaign will run over the next two of months.

Paid $24,000 in cash for supplies to have on hand for bike repairs.

Collected $60,000 from accounts receivable.

Paid for bikes purchased on credit in Transaction c above.

Paid cash dividends of $3,000.

Received $6,000 cash from a customer as a deposit for a custom bicycle to be built.

Required: Record each transaction a) through k) in the financial statements effects template, below.

Balance Sheet

Income Statement

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Net Income

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