The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows:

January 2 Issued 600,000 shares of stock for $10,000,000.

January 10 Acquired equipment in exchange for $2,000,000 cash and a $6,000,000 note payable. The note is due in ten years.

February 1 Paid $24,000 for a business insurance policy covering the two-year period beginning on February 1.

February 22 Purchased $900,000 of supplies on account

March 1 Paid wages of $185,600

March 23 Billed $2,730,000 for services rendered on account

April 1 Paid $100,000 of the amount due on the supplies purchased February 22.

April 17 Collected $210,000 of the accounts receivable

May 1 Paid wages of $200,400.

May 8 Received and paid bill for $98,200 for utilities.

May 24 Paid $42,500 for sales commissions.

June 1 Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note.

June 16 Billed customers for $560,000 of services rendered.

June 30 Collected $300,000 on accounts receivable.

July 10 Purchased $155,000 of supplies on account.

August 25 Paid $160,000 for administrative expenses.

September 23 Paid $30,000 for warehouse repairs.

October 1 Paid general wages of $90,000.

November 20 Purchased supplies for $60,000 cash.

December 15 Collected $125,600 in advance for services to be provided in December and January.

December 30 Declared and paid a $50,000 dividend to shareholders.

John Marshal Company Income Statement for the Year ended 12/31/2019 Expenses John Marshal Company Statement of Retained Earnings for the Year ended 12/31/2019 Balance January 1, 2019 $ John Marshal Company Balance Sheet as of 12/31/2019 Assets Current Assets: Non-current assets: Total Assets Liabilities and Equity Current Liabilities: Non-current liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity