Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred: 1. Issued common shares for $200,000 cash. 2. Purchased $496,000 of inventory on account. 3. Sold inventory on account for $678,000. The original cost of the inventory that was sold was $407,000. 4. Collected $569,000 from customers on account. 5. Paid $430,000 to suppliers for the inventory previously purchased on account. 6. Bought a delivery vehicle for $43,000 cash. Paid $27,300 for rent, including $2,100 related to the next year. 7. 8. Incurred $31,000 of operating expenses, of which $29,000 was paid. 9. Recorded $2,300 of depreciation on the vehicle. 10. Declared and paid dividends of $7,000.