The following transactions occurred in the order shown in 2019 for a newfirm called ACCO Ltd. (The fiscal year is the same as the calendar year.) IV. VI. VII. VIII. Received $8,400,000 cash from investors in exchange forcommon shares of ACCO Ltd. Borrowed $200,000 cash from The Bank on January 1,2019. The principal will be repaid in five years. (See Xllbelow for the recording of interest.) Purchased merchandise inventory for $400,000 on creditfrom ordinary suppliers. Sales to customers were $1,000,000 during 2019. 60% ofthe sales were on credit; the remainder were cash sales. The cost of the inventory for all sales made in (IV) abovewas $340,000. Received $500,000 cash from customers for the credit salesmade in (IV) above. Acquired a building valued at $9,100,000 in exchange forcash of $8,300,000 and $800,000 of common shares ofACCO Ltd. (See XI below for the recording of depreciation.) Paid general and administrative expenses of $136,250 incash.
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