White Tools Company started business on October $1,2023.$ Its fiscal year runs through to September $30$ of the following year. The following transactions occurred in the fiscal year that started on October $1,2023,$ and ended on September $30,2024.$

On October $1,2023,$ Karen White invested $$177,000$ to start the business. White is the only owner. She was issued $10,000$ common shares.

On October $1,$ White Tools borrowed $$222,500$ from a venture capitalist $($a lender who specializes in startup companies$)$ and signed a note payable.

On October $1,$ the company rented a building. The rental agreement was a two$-$year contract requiring quarterly rental payments $($every three months$)$ of $$10,500,$ payable in advance. The first payment was made on October $1,2023($covering the period from October $1$ to December $31).$ Thereafter, payments were due on December $31,$ March $31,$ June $30,$ and September $30$ for each three$-$month period that followed. All of the rental payments were made as specified in the agreement.

On October $1,$ the company purchased equipment costing $$305,800$ for cash.

Initial inventory was purchased for $$94,000$ cash.

Additional purchases of inventory during the year totalled $$578,000,$ all on account.

Sales during the year totalled $$925,000,$ of which $$832,500$ were on account.

Collections from customers on account totalled $$658,000.$

Payments to suppliers on account totalled $$515,500.$

$10.$ The cost of the inventory that was sold during the year was $$553,500.$

Selling and administrative expenses totalled $$84,500$ for the year. Of this amount, $$5,800$ was unpaid at year end.

$12.$ Interest on the note payable from the venture capitalist was paid at year end $($September $30,2024).$ The interest rate on the note is $10\%.$ In addition, $$27,100$ of the note principal was repaid at that time.

$13.$ The equipment was depreciated based on an estimated useful life of $10$ years and an estimated residual value of $$27,800.$

The company declared and paid a dividend of $$6,100.$

$($a$)$