Use the following information for questions 22-30 regarding ABC Co. in 2017 (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 30,000 shares of common stock for $1 each. 2/1 Pay S150,000 for equipment, 10 year useful life, $20,000 residual value, straight line depreciation. Assume full year depreciation in year 1 3/1 Sign a 3-year factory lease, paying full amount of $25,000 upfront. 3/15 Deliver services to client and bill in full for $400,000 (client will pay at a later date). 5/1 Purchase $25,000 worth of supplies on credit. By 12/31 $5,000 of supplies are left 8/1 Receive $275,000 in advance payment from a client for services that will be performed by ABC Co. in 2018. 10/1 Declare $40,000 in dividends to be paid in 2018 11/1 Purchase S120,000 in inventory 12/1 Pay S8,000 of the 5/1 purchase of supplies