Use the following information for questions $2330$ regarding ABC Co$.$ in $2020($assume this is the first year of operations for ABC Co$.,$ and assume ABC pays cash unless noted otherwise, even if it results in ABC having a credit balance in cash$)$:

$1/1$ Issued $125,000$ shares of common stock for $$4$ each

$2/1$ Paid $$175,000$ for equipment with a $10-$year useful life. Depreciation in the year was $$17,500.$

$3/1$ Purchase a $1-$year Insurance plan, costing $$75,000$

$4/1$ Delivered services to client and bill in full for $$620,000($client will pay at a later date$)$

$5/1$ Purchased $$37,000$ worth of supplies on credit. By $12/31$ $$4,500$ of supplies are left

$6/1$ Received $$385,000$ in advance payment from a client for services that will be performed by ABC Co$.$ later

$8/1$ Performed $$185,000$ of services that the client paid for on $6/1$

$10/1$ Declared and paid $$15,000$ in dividends

$11/1$ Purchased $$75,000$ in inventory on credit

$12/1$ Paid $$15,000$ of the $5/1$ purchase of supplies