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15. On August 1, 2020 - An investor purchased 100 shares of stock (100%) of ABC Co. for $3,500,000. The 3,500,000 was paid directly to ABC in exchange for ABC common stock. ABC Company purchased equipment for $430,000; paying $30,000 cash and financing (through a long-term note) the remaining portion. The interest rate is 10%, payable on January 1st of each year. ABC Company prepaid a year's (12 months) worth of insurance and rent. Insurance payment was $48,000 and the rent was $72,000. ABC had the following transactions after 8/1/2020: ABC purchased the following inventory on credit: 10/1 20,000 units at $40/unit. 11/1 15,000 units at $30/unit 12/1 10,000 units at $20/unit ABC sold 28,000 units on account for $39/unit. Terms are 10/5, N45. ABC uses FIFO. ABC received $2,000,000 in cash within 8 days of the sales; and received the remaining amounts after year-end. ABC was given $30,000 in cash for inventory that will be delivered after year-end. ABC paid $65,000 for advertising. ABC paid $80,000 for miscellaneous supplies. Cash was paid for both. Paid $300,000 in cash for salaries for the year. The end of the year was in the middle of the week and the total unpaid salary expense for the year was $15,000. This $15,000 will not be paid until next year. Sold services for $100,000 in cash. We had to return $20,000 back to customer as a return and allowance due to unsatisfactory work of our soon to be fired employee. At year-end the amount of supplies on-hand was $13,000. The equipment had $20,000 of estimated depreciation by year-end. We paid $400,000 of our accounts payable balance by year-end. We estimate 2% of credit trade-sales to be uncollectible. The tax rate is 20%. Round all numbers to the nearest dollar. ABC declared and paid a dividend of $80,000. Prepare a Balance Sheet and Income Statement in good form for the year-ended 12/31/2015. Please also provide closing entries

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