The following transactions took place for the Red Panda Corporation during its first month of operations: Owner invested $550,000 cash and equipment with a value of $5,500 into the business received common shares in return. Purchased office supplies, $300. Performed services for a customer on account, $3,500. Purchased a building by paying $100,000 down and signing a note for the remainder of $800,000. Performed services for a customer and immediately collected $4,500 cash. Paid employees salaries of $2,200. What will be the ending cash balance for their first month of operation? (Hint: draw T-account of Cash will help.) 1) $452,300 2) $553,200 3) $452.000 4) $554,500