The Containers Inc. experienced the following events during its first year of operations.

Year 1:

1. Acquired $42,000 cash by issuing common stock.
2. Earned $25,000 revenue on account.
3. Paid $18,000 cash for operating expenses.
4. Borrowed $10,000 cash from a bank.
5. Collected $22,000 of the balance in accounts receivable.
6. Paid a $1,000 cash dividend.
7. Bought equipment on January 1^st for $20,000 by signing a 2-year note at 6%.
8. Record depreciation expense assuming the equipment has a 5-year useful life.
9. Accrue and pay interest on the note

Determine the balances at the end of the first year in:

Cash:

A/R

Equipment

Accumulated Depreciation

Equipment (net)

Net Income

Liabilities

Retained Earnings