The following transactions occurred between the home office and the Mason Branch of Victoria Company: Home office transferred cash of $5,000 to the branch

The following transactions occurred between the home office and the Mason Branch of Victoria Company:

1. Home office transferred cash of $5,000 to the branch.
2. Home office shipped merchandise costing $ 90,000 to the branch at a markup of 20% on billed price.
3. Home office paid operating expenses of $ 100,000 cash.
4. Home office allocated operating expenses of $ 20,000 to the branch.
5. Extra Branch informed the home office that it had collected $4I6 on a note receivable to the home office. Principal amount of the note was $400.
6. The home office informed the branch that it had paid $720 on a note payable
   of the branch. The principal amount of the note was $700.
7. Equipment was acquired by Mason Branch for $8500, to be carried in the home office accounting records.
8. Extra Branch made sales of $ 80,000, terms 2/10, n/30, the cost of goods sold was $45,000 and paid operating expenses $21,000
9. Collections of trade accounts receivable by Mason Branch amounted to $62,000.
10. Cash of $37,500 was remitted by Mason Branch to the home office.