The Main Street Casuals Store, Inc. The Main Street Casuals Store, Inc. (MSCS), is a retail merchandiser that sells clothing to both men and women. It purchases merchandise from numerous manufacturers, all on account, and sells to the public, generally for cash (cash, checks and credit cards), but also has corporate customers (restaurants, doctors' offices, etc.) who purchase specialty items. These specialty items are usually matching shirts and pants embroidered with the customers' name and logo on the garments. These commercial clients generally pay MSCS within 30 - 60 days after delivery of the garments. MSCS was incorporated on January 2, 20XX by Walter White. Mr. White was able to convince numerous relatives to invest in the business entity. The following transactions occurred during the month of January 20XX. January 4 Walter White deposited $200,000 from his investors into a bank account in the name of MSCS January 6 The company purchased a building at 300 Main Street, Flushing New York. Walter, as president of the company signed a promissory note for $350,000 and used $50,000 of the company's money for the balance. The building had an appraised value of $300,000 and the land had an appraised value of $100,000. The note was an interest only note at 6% per year. The note is due in 10 vears