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 $$455,000$ of inventory on account.

Sold inventory on account for $$658,000.$ The original cost of the inventory that was sold was $$395,000.$

Collected $$559,000$ from customers on account.

Paid $$425,000$ to suppliers for the inventory previously purchased on account.

Bought a delivery vehicle for $$39,000$ cash.

Paid $$28,600$ for rent, including $$2,200$ related to the next year.

Incurred $$25,000$ of operating expenses, of which $$23,000$ was paid.

Recorded $$2,500$ of depreciation on the vehicle.

Declared and paid dividends of $$5,000.$