1. (25p.) Below is given the balance sheet of the company \"ABC Corp.\" for April 1st, 2023.
Cash
Assets
$1,000,000
Inventory $2,000,000
Fixed Assets
$3,000,000
Total Assets: $6,000,000
$1,000,000
$2,000,000
Liabilities and Owner's Equity
Payables
Bank Loan
Owner's Equity
Total Liabilities: $3,000,000
$3,000,000
Total Liabilities and Owner's Equity: $6,000,000
The transactions occur after August 1st are as follows:
(a) On August 15th, ABC Corp borrows additional $1,000,000 from bank.
(b) On September 10th, ABC Corp sells half of the goods in the inventory with a 100\% profit
margin, that is for a price double of the supply cost.
(c) On October 5th, ABC Corp pays back half of the payables.
(d) On November 20th, ABC Corp pays $250,000 cash as interest expense.
Write down the balance sheet for the dates September 1st, October 1st, November 1st and December
1st, according to the transactions above.