Purchased a patent for $32,000 in cash paid $18,500 in cash for long-term assets prepaid $36,000 for rent for the next 12 months and recorded the transaction as an asset. issued 1000 common shares to investors for $60,000 sold inventory on account for $120,000. the cost of the inventory was $16,000. also, paid a sales commission on this sale of $10,000. paid $13,400 in cash for costs related to research and development of new products.