Use the following information for questions 22- 30 regarding ABC Co. in 2015 (assume this is the first year of operations for ABC Co., and assume ABC pays cash unless noted othe even if it results in ABC having a credit balance in cash): 1/1 Issued 10,000 shares of common stock for $10 each 2/1 Pay $200,000 for equipment, 10 year useful life, S20,000 residual value, straight line depreciation (S18,000 depreciation expense per year) 3/1 Sign a 5-year factory lease, paying full amount of $15,000 upfront 3/15 Deliver services to client and bill in full for $300,000 5/1 Purchase $40,000 worth of supplies on credit. By 12/31 10% of supplies are left 8/1 Receive $350,000 in advance payment from a client for services that will be performed by ABC Co. in 2016 10/1 Declare and pay $20,000 in dividends 11/1 Purchase $140,000 in inventory 12/1 Pay $6,000 of the 5/1 purchase of supplies