The following additional information is available at June $30,2022$:

$($i$)$ Store Supplies on hand at June $30,2022$ amounted to $$159,500.$

$($ii$)$ Insurance of $$202,050$ was paid on April $1,2022,$ for $9-$months to December $2022$

$($iii$)$ Rent was prepaid on March $1,2022,$ for $7-$months to September $2022.$

$($iv$)$ The fumiture and fixtures have an estimated useful life of $10$ years and is being

depreciated on the straight$-$line method down to a residual value of $$10,000.$

$($v$)$ The motor truck was acquired on November $1,2021,$ and is being depreciated

ovex $5$ years on the double$-$declining balance method of depreciation, down to

aresidue of $$15,000$

$($vi$)$ Salaries eamed by employees not yet paid amounted to $$182,500$ at June $30,2022.$

$($vii$)$ Accrued interest expense as of Jume $30,2022,$ $$65,000.$

$($viii$)$ On June $30,2022,$$$145,000$ of the previously uneamed sales revenue had been eamed.

$($ix$)$ The aging of the Accoumts Receivable schedule at June $30,2022$ indicated that the

Allowance for Bad Debts should be $$130,000.$

$($x$)$ After making all ther adjustrnents, a physical count of inventory was done, which

rexesle, that there was $$1,295,500$ worth of inventory on hand at Jume $30,2022$

Other data:

$($ii$)$ The business is expected to make principal paymente totalling $$455,000$ towards the

loan during the fiscal year to Jume $30,2023$