Revenues and expenses The following transactions occurred between 1 July 2018 and 30 June 2019 for AKH Limited. a Issued share capital for $ XXXXXXXXXXcash. b Purchased $70 000 of inventory on credit....

Revenues and expenses The following transactions occurred between 1 July 2018 and 30 June 2019 for AKH Limited. a Issued share capital for $600 000 cash. b Purchased $70 000 of inventory on credit. c Paid $56 000 to accounts payable. d Sold inventory costing $120 000 for $340 000. All sales are on credit. e Received $220 000 from accounts receivable. f Paid dividends of $60 000. g Borrowed $200 000 on 1 July 2018. The loan is due on 30 June 2021 and carries a 10 per cent p.a. interest rate. Paid $8000 interest on this loan during 2019. h Paid wages of $180 000; wages of $40 000 had been earned by employees but not paid at year-end. i On 1 June received a deposit of $80 000 for work to be carried out in the next year. j Used $22 000 of electricity during the year for which the company has not yet been billed. k Paid a $24 000 insurance policy on 1 October 2018, covering 1 October 2018 to 30 September 2019. Required: 1 List all revenues for the year (including dollar amounts). 2 List all expenses for the year (including dollar amounts). 3 By how much did the cash balance increase during the year?