The following transactions occurred during the first month of operations for Oz Hinterland Ltd., a new hotel business located in the Australian Kimberleys: a $80,000 of share capital was raised. b In order to provide further capital, a bank extended a loan of $40,000 to the business. c Paid cash for land and buildings $99,500. d Purchased kitchen equipment for $20,000. $8,000 of this was paid for in cash, with the balance owing. e Purchased on credit a stock of linen and uniforms for $5,800. f During month received revenue of $12,000 for room sales and restaurant revenue. g Paid $1,500 for first month's wages. h Paid $300 covering 1 month's interest on the bank loan. i Paid $1,200 insurance premium covering the first year of operations. j Paid $6,000 of the balance owing for kitchen equipment. k Purchased beverage stock of $1,500 for cash. By the end of the first month, it was determined that one-third of this stock had been sold in the restaurant. 1 Determined that during the month, the kitchen had purchased $1,800 of perishable food supplies for cash. No balance of food stock remained at the end of the month. m Oz Hinterland declared and paid a total dividend of $2,000. Required a Enter these transactions on T accounts. b Prepare an income statement for the first month and a balance sheet as at the month end