8. Net income: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The $741,855 count balances for Palisade Creek as of May 1, 2018 (unless otherwise indicated), are as follows 233,900 624,400 $ 83,600 312 Dividends $ 135,000 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation- 313 Income Summary 410 Sales 510 520 Sales Salaries Expense 5,069,000 2,823,000 664,800 281,000 Cost of Goods Sold 28,000 16,800 11,400 521 Advertising Expense 522 523 529 Miscellaneous Selling Expense Depreciation Expense Store Supplies Expense 569,500 56,700 96,600 30 Office Salaries Expense 12,600 382,100 83,700 Store Equipment 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings -531 Rent Expense 0,000 532 Insurance Expense 00,000 539 Miscellaneous Administrative 585,300 Expense 7,800 During May, the last month of the fiscal year, the following transactions were completed: May 1. Paid rent for May, $5,000 3. Purchased merchandise on account from Martin Co, terms 2/10, n/30, FOB shipping point, $36,000