small retailing operation

Tony began a small retailing operation on January 1, 2012. During 2012, the following transactions occurred:
1. Tony contributed $20,000 of his own money to the business.
2. $60,000 was borrowed from the bank.
3. Long-lived assets were purchased for $25,000 cash.
4. Inventory was purchased: $25,000 cash and $15,000 on account.
5. Inventory with a cost of $25,000 was sold for $80,