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Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co a. Issued 193,000 shares of $5-par-value common stock for $965,000 in cash. b. Borrowed $540,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid $380,000 in salaries for the year. d. Purchased $730,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $910,000, all on credit f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. g. Purchased $190,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $136,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded. i. Incurred and paid utilities expense of $37,000 during the year. j. Collected $835,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $59,400 of interest on the note due to Oglesby National Bank I. At year-end, accrued $20,000 of past-due December rent on the sales facilities. Answer is not complete. KISSICK CO Balance Sheet Assets: Cash 1,745,000 Accounts receivable Merchandise inventory 150,000 Total current assets 1,895,000 Equipment 190,000 $ 2,085,000 Total assets Liabilities: $ (610,000) Accounts payable Interest payable 59,400 Rent payable 20,000 Total current liabilities (530,600) Notes payable 540,000 9,400 Total liabilities S Stockholders' Equity: Common stock S 965,000 Deficit/Net loss Total Stockholders' equity 965,000 Total liabilities and stockholders' 974,400 equity

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