Use the format of Exhibit 1-2 to analyze the following transactions for April of Marymount Services, Inc. Then prepare a balance sheet as of April 30, 20X1. Marymount Services was founded on April 1.

1. Issued 1,000 shares of common stock for cash, $60,000; use a single Paid-in-Capital account.
2. Issued 500 shares of common stock for equipment, $20,000
3. Borrowed cash, signing a note payable for $35,000
4. Purchased equipment for cash, $33,000
5. Purchased office furniture on account, $10,000
6. Disbursed cash on account (to reduce the account payable), $4,000
7. Sold equipment for cash, $8,000, an amount equal to its cost
8. Discovered that the most prominent competitor in the area was bankrupt and was closing its doors on April 30

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Description of Transactions Assets Liabilities Owner's Equity Lopez, Cash nventory +EquipmentPayable Payable Capital Merchandise Store Note Accounts (1) Initial investment (2) Loan from ban!k (3) Acquire store equipment +400.000 +400.000 +100,000 = +100,000 15,000 (4) Acquire inventory for cash-120,000 for cash +15,000 = +120,000 +10,000 +30,000 (5) Acquire inventory on credit +10,000 (6) Acquire inventory for cash plus credit (7) Sale of equipment (8) Return of inventory -10,000 +1,000 +20,000 -1,000 acquired on January 6 (9) Payment to creditor Balance ,January 12, 20X2 -800 4,000 352,000 + -800 -4,000 25, 200+ 159,200 + 14.000 100.000 + 400.000 = 525,200 525,200