Listed below are the accounts and their respective balances for J & K, Inc. at December 31, 2004: Cash $ 50,000 Accounts Receivable 35,000 Inventory (15 @ $3,000 each) 45,000 Prepaid Insurance 5,000 Security Deposit 1,000 Furniture & Fixtures 110,000 Accumulated Depreciation 20,000 Accounts Payable 12,000 Wages Payable 7,000 Taxes Payable 5,000 Rent Payable 2,000 Note Payable 80,000 Common Stock (3,000 shares) 30,000 Retained Earnings 90,000 During 2005 the following transactions occurred: Paid beginning accounts payable. Received all beginning accounts receivable. Purchased 10 Things at $4,000 each. Paid 25% down and will pay the rest later. Sold 18 Things for $10,000 each at 70% down (cash) and the other 30% due later. Paid 2004 taxes payable. Paid cash for wages of $25,000. (Includes the $7,000 owed at the end of 2004). Received additional payments from customers of $20,000. Paid 14 months rent, $28,000 Paid additional $10,000 to creditors. Issued 600 shares of common stock for $6,000 on October 1st. Paid $2,000 advertising for 2005 Paid a $1.00 per share dividend to shareholders on December 31st. Paid annual payment on Note Payable of $20,000 principal plus interest at 8% on December 31st. Bought a piece of land for $50,000 on December 31st, putting $10,000 down and mortgaging the rest. There are no principal payments due until 2009. Also, during the year the company paid 50% of the 2005 taxes. The tax rate is 30%. The Company uses the FIFO inventory system. At December 31, 2005 the company owed $10,000 in wages which had not yet been paid. The prepaid insurance at 12/31/04 was for a policy that had exactly two years left to run (05,06). The Furniture & Fixtures originally cost $110,000, had a twenty year life and were expected to be worth $10,000 at the end. The market price per share is $80. Prepare transaction using.