7.
Items 22-23 refer to the following informationIn January Kaleb invested $200 000 from his private savings account into his business bank account. At the end of the first year, Kaleb received a $400 000 loan from his banker to expand the business. He presented the following information at the end of the year.Motor van $300 000Stock $70 000Bank $15 000Office Furniture $ 40 000Telephone bill unpaid $3 000Kaleb's closing capital is