Williams Group started a new business on September 1, 2021. That same day, Williams Group also received $430,000 of cash from issuing common stock and borrowed $230,000 from a friend. On September 1, 2021 Williams Group also purchased equipment for $230,400. The equipment has a useful life of 72 months. On September 1, 2021, Williams also paid $150,000 of cash to rent office space for a 60 month period. During 2021, the Company provided services valued at $158,400 and had collected $126,720 of that amount at year-end. The company will collect the remaining portion in the following year. The company's payroll for 2021 was $83,800, which was paid in full during 2021.