The Containers Inc. experienced the following events during its first year of operations. Year 1:

a. Acquired $42,000 cash by issuing common stock.

b. Earned $25,000 revenue on account.

c. Paid $18,000 cash for operating expenses.

d. Borrowed $10,000 cash from a bank.

e. Collected $22,000 of the balance in accounts receivable.

f. Paid a $1,000 cash dividend.

g. Bought equipment on January 1st for $20,000 by signing a 2-year note at 6%.

h. Record depreciation expense assuming the equipment has a 5-year useful life.

i. 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