PracticeLRM Pty LtdAfter the initial transactions were recorded the closing balances were as follows as at 1 April 2008: Cash Inventory Land and buildings Equipment Accounts payable Notes payable Loans Share capital $ thousand 140 55 300 90 15 70 300 200Additional transactions for the month of April 2008 1. Cash sales of $30,000 were made. The cost of the goods that were sold amounted to $12,000. 2. Credit sales of $40,000 were made. The cost of goods sold was $16,000. 3. Payments of $8000 were
