The balance sheet of the company ABC as at 1.01.2020: ASSETS EQUITY & LIABILITIES Long-term investments (art) 22 000 Shareholders' equity 20 000 Inventory (1600 units @ 5 per unit) 4 000 Liabilities 4 000 Cash and cash equivalents 4 000 Accrued cost* 6 000 Total assets 30 000 Total equity & liabilities 30 000 * An estimated cost of office renovation. In January 2020 the following events occurred (costs by nature applied): 1. The office renovation was finished. The final invoice for the work amounted to 7 200. 2. The company sold 1200 units at 6,75 per unit. 3. The company set up a warranty provision 10% of sales value. 4. The company decided to sell the art for 24 000 at an action. The commission was 500. Required: 1. Open the T-accounts based on the Balance Sheet data. 2. Record all transactions in T-accounts and close all accounts. 3. Prepare closing Balance Sheet at 31.01.2020