Question: Please answer the following problem Beamer Business Year 2017 Chris opened a Beamer business on January 1, 2017. She started with $400,000 of her own

Please answer the following problem Beamer Business Year 2017 Chris opened aPlease answer the following problem

Beamer Business Year 2017 Chris opened a Beamer business on January 1, 2017. She started with $400,000 of her own money, for which she received 5,000 shares of common stock, and $100,000 borrowed from her Uncle Phil (Note Payable). The Note Payable to Uncle Phil requires that she pay the interest annually on December 31. She paid the $10,000 interest on December 31, 2017. She is required to repay the principal at the end of year 2021. She planned to operate her business as a corporation, Chris's Beamer Biz, Inc. (CBB, Inc.). During the year she bought nine Beamers for $40,000 each. She sold seven of the Beamers for $60,000 each. Other expenses she paid cash for were: wages, $20,000: rent, $12,000: and utilities $1,000. She signed a 20-year lease and put down a rent security deposit of $1,000. In addition to the cash she invested on January 1st, on June 1st she also invested a piece of land she owned in the business that was worth $60,000 in exchange for 600 shares of common stock. At the end of the year she owed her worker wages of $1,000. She paid a dividend of $3,000. The tax rate is 30%. Chris pays 2017 taxes in 2018, So how did Chris do? (Do everything - Journal Entries, T-Accounts, Financial Statements)

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