You start your own organic produce business called Fresh Fruit & Co. Prepare journal entries for each transaction that takes place during your first three months in business (April 1, 2017 - June 3 Post the transactions to T-Accounts on the following page. Then prepare the Income Statement and Balance Sheet for the quarter (be sure to use proper headings and formatting). Assume Income Taxes e quarter and interpret the ratios. (a) On April 1, borrow $20,000 from the bank. The 2-year loan bears 6% interest annually. Interest will be paid every six months. Record the transaction for the loan on 4/1/17 and the adjusting entry, if any, on 6/30/17. (b) On April 2, purchase $15,000 worth of inventory on credit. (c) On April 9, sell $4,000 worth of gift cards on credit. As of 6/30/17, $3,000 worth of gift cards were redeemed. Record entries for the sale and redemption of gift cards. Assume cost of goods sold for the gift cards redeemed totals $1,500. (d) On April 27, sell $17,000 worth of organic produce to a large corporate customer who pays in cash The cost of the inventory used up is $12,000 (e) On May 14, investors purchase 250 shares of $0.10 par value common stock for $5,000. (f) On May 31, purchase 5 new credit card machines for $1,200 total in cash. Assume annual depreciation of $120. Record entries for the purchase of the equipment and the adjusting entry (if any) at quarter-end on 6/30/17 (g) On June 30, paid employees $5,000 in wages for the quarter in cash. Make the following T-Accounts Compile the Income Statement Compile the Balance Sheet Compute Net Profit Margin and Current Ratio Round to two decimal places. NTERPRET the ratios