Blossom Companys trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit Cash $26,000 Accounts Receivable 35,500 Notes Receivable 8,000 Interest Receivable 0 Inventory 36,500 Prepaid Insurance 3,720 Land 21,100 Buildings 120,000 Equipment 68,000 Patents 10,400 Allowance for Doubtful Accounts $400 Accumulated DepreciationBuildings 40,000 Accumulated DepreciationEquipment 27,200 Accounts Payable 27,500 Salaries and Wages Payable 0 Unearned Rent Revenue 5,400 Notes Payable (due in 2020) 13,000 Interest Payable 0 Notes Payable (due after 2020) 35,500 Common Stock 53,000 Retained Earnings 41,620 Dividends 14,500 Sales Revenue 903,000 Interest Revenue 0 Rent Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debts Expense 0 Cost of Goods Sold 632,000 Depreciation Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61,900 Amortization Expense 0 Salaries and Wages Expense 109,000 Total $1,146,620 $1,146,620 Unrecorded transactions: 1. On May 1, 2020, Blossom purchased equipment for $17,600 plus sales taxes of $1,600 (all paid in cash). 2. On July 1, 2020, Blossom sold for $3,600 equipment which originally cost $5,200. Accumulated depreciation on this equipment at January 1, 2020, was $1,900; 2020 depreciation prior to the sale of the equipment was $400. 3. On December 31, 2020, Blossom sold on account $5,100 of inventory that cost $3,300. 4. Blossom estimates that uncollectible accounts receivable at year-end is $3,900. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,720 6-month premium on September 1, 2020. 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,800. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total $2,000. 12. The unearned rent revenue of $5,400 was received on December 1, 2020, for 3 months rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months.