Complete Fluff, Inc. Your homework will always include finishing whatever was not completed during class and reading all pages up to the start of the next class. Problem 3-2 Chris's Beamer Biz, Inc., Year 1 - 20X1 Chris opened a Beamer business on January 1, 20X1. She started with $600 , 000 ; 400 , 000 of her own money, for which she received 5,000 shares of common stock, and $200 , 000 borrowed from her Uncle Phil (Note Payable). The Note Payable to Uncle Phil requires that she pay the interest at 4% annually on December 31 . She paid the $8 , 000 interest on December 31 , 20 X 1 . She is required to repay the principal at the end of year 20 X 5 . She planned to operate her business as a corporation, Chris's Beamer Biz, Inc. (CBB, Inc.). During the year she bought 11 Beamers for $40 , 000 each. She sold ten of the Beamers for $60 , 000 each. Other expenses she paid cash for were: wages, $15 , 000 ; rent, $12 , 000 ; and utilities $6 , 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 1 st, on July 1st she also invested a piece of land she owned in the business that was worth $50 , 000 in exchange for 500 shares of common stock. At the end of the year she owed her worker wages of $1 , 000 . She paid a dividend of $15 , 000 . The tax rate is 30% and Chris will pay 20 X 1 taxes in 20X2. So how did Chris do? Prepare Journal Entries, T-Accounts, Financial Statements