36 On January 1, 2021, the general ledger of Parts Unlimited includes the following account balances: Accounts Cash 3.05 points 02:3055 Skipped Accounts Receivable Inventory Land Equipment Accumulated depreciation Accounts Payable Common stock Retained Earnings Totals Debit $180,400 30,400 55,800 Credit 358,000 394,500 190,000 32,800 $58.000 258,300 $1,019,100 $1,019,100 P References From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account, $343,800. b. Sold inventory on account, $637,200. The inventory cost $360,600, c. Received cash from customers on account, $576,700 d. Paid cash on account, $346,500. e. Paid cash for salaries, $112,700, and for utilities, $70,700. In addition, Parts Unlimited had the following transactions during the year: April 1 Purchased equipment for $113,000 using a note payable, due in 12 months plus 8 interest. The company also paid cash of $5,000 for freight and $5,600 for installation and testing of the equipment. The equipment has an estimated residual value of $15,600 and a ten-year service life. Mc Check my work