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Record the following transactions

$1.$ Sales to customers totaled $$2$ million, of which $$1\mathrm{.}6$ million was on credit, and the remainder was cash sales. The cost of goods sold totaled $$800,000.$

$2.$ Purchased $$700,000$ of inventory on credit.

$3.$ Paid $$620,000$ cash to employees as wages. $($This amount includes the wages payable on December $31,2022).$

$4.$ Collected $$1\mathrm{.}75$ million cash from customers as payment on outstanding accounts receivable.

$5.$ Paid $$1\mathrm{.}2$ million cash to suppliers on outstanding accounts payable.

$6.$ Sold machinery for $$120,000$ cash on January $1,2023.$ The machinery had cost $$370,000,$ and at the time of sale it had a net book value of $$160,000.$

$7.$ Paid miscellaneous expenses totaling $$98,000$ cash.

$8.$ Sold common stock for $$450,000$ cash.

$9.$ Invested $$200,000$ of excess cash in short$-$term marketable securities$.$

$10.$ Declared and paid a cash dividend of $$100,000.$

As part of the year$-$end audit, the internal audit staff identified the following additional information:

a$.$ $$180,000$ of prepaid rent was consumed during the year.

b$.$ The equipment had a useful life of $10$ years and the machinery of $20$ years. The company uses straight$-$line depreciation. $($No depreciation should be recorded for machinery in Item $6$ above.$)$

c$.$ The intangible assets had a remaining useful life of $10$ years.

d$.$ Interest on the bank loan and bonds payable was $10$ percent. During the year, interest payments totaling $$260,000$ had been paid in cash.Balance Sheet

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