Transaction

Balance Sheet As at December 31, 2020 Assets Liabilities Cash $30,000 Accounts Payable $14,700 Accounts Receivable 15,800 Unearned Revenue 6,600 Prepaid Insurance 4,200 Bank Loan 31,000 Inventory 78,500 Total Liabilities 52,300 Property, Plant & Equipment 220,000 Shareholders' Equity Accumulated Depreciation 30,000 Common Shares - 100,000 issued 100,000 Retained Earnings 166,200 Total Shareholders Equity 266200 Total Assets $318,500 Liabilities & Owner's Equity $318,500 At 2020, Razul has authorized 180,000 common shares and 15,000 preferred shares. The preferred shares will be cumulative and pay $6 dividends. The 100,000 shares issued were issued to Razul, He will maintain control of the company and A181 tions during 2021 c) On March 1, Holister Electric Inc. issued and sold $160,000, 7 year bonds with an interest rate of 8%, The market rate at the time of issue was 9%. Any premium or discount on the bond is amortized using the effective interest rate method. Interest will be paid annually on February 28. The Present value of 1 and annuity of 1 of 9% for 6 periods are 0.547 and 5.033, respectively. Use a 3 decimal factor for the bond calculation