Crane Corporation's balance sheet at December 31, 2021, is presented below. CRANE CORPORATION Balance Sheet December 31, 2021 Cash $31,400 Accounts payable $14,600 Inventory 26,300 Interest payable 2,750 Prepaid insurance 5,900 Bonds payable 55,000 Equipment 42,500 Common stock 19,500 Retained earnings 14,250 $106,100 $106,100 During 2022, the following transactions occurred. Crane uses a perpetual inventory system. 1. Crane paid $2,750 interest on the bonds on January 1, 2022. 2. Crane purchased $241,100 of inventory on account. 3. Crane sold for $449,900 cash inventory which cost $251,500. Crane also collected $26,994 sales taxes. 4. Crane paid $229,300 on accounts payable. 5. The prepaid insurance ($5,900) expired on July 31. 6. On August 1, Crane paid $12,000 for insurance coverage from August 1, 2022, through July 31, 2023. 7. Crane paid $22,700 sales taxes to the state. 8. Paid other operating expenses, $93,400. 9. Redeemed the bonds on December 31, 2022, by paying $52,800 plus $2,750 interest. 10. Issued $91,400 of 8% bonds on December 31, 2022, at 103. The bonds pay interest every June 30 and December 31. Adjustment data: 1. Recorded the insurance expired from item 6. 2. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $3,000 salvage value. Prepare an adjusted trial balance at December 31, 2022. CRANE CORPORATION Trial Balance 12/31/22 Debit Credit Cash $ 31400 $ Prepaid Insurance 5000 Inventory 251500 Sales Revenue 449900 Interest Expense 2750 Equipment 42500 Accounts Payable 14600 Insurance Expense 5000 Common Stock 19500 Retained Earnings 14250 Depreciation Expense 7900 Bonds Payable 91400 Other Operating Expenses 93400 Sales Taxes Payable Accounts Payable 14600 Insurance Expense 5000 Common Stock 19500 Retained Earnings 14250 Depreciation Expense 7900 Bonds Payable 91400 Other Operating Expenses 93400 Sales Taxes Payable Cost of Goods Sold 251500 Premium on Bonds Payable 2742 Accumulated Depreciation Equipment 7900 Gain on Bond Redemption 2200 $