Concord Company's balance sheet at December 31, 2021, is presented below. CONCORD COMPANY Balance Sheet December 31, 2021 $25,800 Accounts Payable $11,825 Cash Inventory Prepaid Insurance 26,445 5,160 Interest Payable 215 Notes Payable 43,000 Equipment 32,680 Owner's Capital 35,045 $90,085 $90,085 During January 2022, the following transactions occurred. (Concord Company uses the perpetual inventory system.) 1. 2. Concord paid $215 interest on the note payable on January 1, 2022. The note is due December 31,2023. Concord purchased $224,546 of inventory on account. 3. Concord sold for $378,400 cash, inventory which cost $227,900. Concord also collected $24,596 in sales taxes. 4. Concord paid $197,800 in accounts payable. 5. Concord paid $14,620 in sales taxes to the state. 6. Paid other operating expenses of $25,800. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $54,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,660 federal income taxes are withheld. The salaries and wages are paid on February 1.