Use the following information for questions 29 - 32: The following transactions are from ABC Co. during 2020 (assume this is the first year of operations for ABC Co., and assume ABC pays cash unless noted otherwise). Assume ABC uses FIFO perpetual for inventory , straight-line depreciation, and estimates it will not collect 4% of accounts receivable. 1/1 Issues 10,000 shares of common stock for $5 each. 2/15 Purchase 2,000 units of inventory at $4/unit. 3/1 Sells 500 units of inventory for \$16/unit , customer pays on account. 4/1 Signs a 2-year lease for its manufacturing facility, paying the first years' rent of $ 3,600 upfront . 6/1 Purchases equipment for $60,000 on account, 6 year useful life, $7,000 salvage value. It cost ABC $10,000 to have the equipment installed, also paid on account. 7/1 Sells 100 units of inventory for $20 per unit, customer pays on account. 9/1 The customer from the 3/1 sale of inventory paid back 70% of their balance . 10/15 Declared and paid $3,000 of dividends. 12/1 Purchase $1,200 worth of supplies. By 12/31 , 20% have been used.