Accounts Payable Accounts Receivable Accumulated Depreciation Cash $ 150,000 Income Taxes Payable $75,000 130,000 195,000 Income Taxes Expense 90,000 Interest Expense 5,000 260,000 Inventories 180,000 Common Shares 160,000 Loan Payable, due December 31, 2026 110,000 Cost of Goods Sold 430,000 Prepaid Insurance Expense 60,000 Retained Earnings, at January 1, Deferred Revenue 70,000 2021 270,000 Depreciation Expense 70,000 Salaries Expense 360,000 Dividend Declared Equipment 65,000 580,000 Sales Revenue 1,220,000 Utility Expense 20,000 Assuming that the jet Income of year 2021 was $235,000, what is the amount of Retained Earnings at December 31, 20217 $505,000 $515,000 $445,000 $440,000 Previous Page Next Page Page 9 of 17