year have on Exercise N2: the In December : cach for 100 000. In December, four friends, Paul, Clmence, Louise and Aurlien, decided to set up Aurlien try to budget their project. They believe they need 560 000 to start. company to commercialize GPS by Internet. Paul, Clmence, Louise and 1. They decide to borrow 140 000 to the bank and to contribute to the capital 105 000 2. They use this money to buy an office for 160 000, furniture's (tables, chairs, laptop) 3. The company Tamasibo buys 250 GPS for 70 000 to a supplier and resell all GPS for 84 000 4. Negotiating with the supplier, Paul gets a credit of 60 days. 5. On her side, Louise gives 45 days to the customers to pay their bills. In January 1. Order of 500 GPS to the supplier for 140 000. Delivery is made on the following day and they are paid immediately. 2. Rent of a cellar to store furniture for 3 500 per month (paid immediately). 3. The company receives a call for property tax of 500 (paid immediately) 4. They subscribe to an insurance policy for 700 paid monthly. 5. The first repayment of the loan is 1 750 , interests for 600 and capital for 1 150. 6. Clmence draws the payroll for the assistant they hired for January: 1 800. 7. Monthly depreciations amounts to 890 for the office and 1 200 for the furniture's. 8. Sales amount to 210 000 , i.e. 500 GPS, on credit. 9. Half of the customers of December paid their bills. 10. The company paid the supplier for the initial order. Overhead costs are paid cash. Required: Draw the income statement and the balance-sheet at the end of January 2. Draw the cash flow statement