Together with a friend you start a business, "SPEEDRACER" for buying and selling of motorcycles. You rent an office for 105,000 pa. Equipment and furniture costs 100,000, a company bus costs 150,000. The inventory has a value of 130,000 (13 motorcycles costing 10,000 each). For computers and networks for the company 80,000 must be invested. The owners invest their own capital of 600,000 (6,000 shares with a nominal value of 100, 3,000 per owner) and borrow 250,000 from a bank. For the first fiscal year the following business events are planned: - There are 12 employees. The total labor costs per month for all will amount to 40,000. - SPEEDRACER plans to buy motorcycles for 10,000 per unit and to sell them for 12,000 a unit. In the plan year 600 motorcycles are bought and 500 sold. - Payment to suppliers is delayed three months on average, the payment received from the customer two months. - All fixed assets are depreciated 5 years. - In April, a garage is to be bought for 200,000. (full year depreciation) - The loan has an interest rate of 10% per annum, payable every quarter. The repayment period is 25 years, in equal parts at year end. - One of the founding partners decides to leave the company and sell his shares for 350,000. - 1,000 new shares will be issued at a nominal value of 100 and sold for 160 per piece in September. For this a new software will be purchased for 120,000. (full year depreciation) - A dividend of 5 per share will be paid in December. - Taxes on profit are 25% to be paid end of the year.

***Create an opening balance sheet