Sweet Dreams Chocolatiers Ltd$.$ began operations on January $1,2020.$ During its first year, the following transactions occurred:

Issued common shares for $$200,000$ cash.

Purchased $$450,000$ of inventory on account.

Sold inventory on account for $$671,000.$ The original cost of the inventory that was sold was $$403,000.$

Collected $$537,000$ from customers on account.

Paid $$436,000$ to suppliers for the inventory previously purchased on account.

Bought a delivery vehicle for $$41,000$ cash.

Paid $$24,700$ for rent, including $$1,900$ related to the next year.

Incurred $$19,000$ of operating expenses, of which $$17,000$ was paid.

Recorded $$1,900$ of depreciation on the vehicle.

Declared and paid dividends of $$8,000.$