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Cullumber Grove Hardware has the following balances in the company ledgers for the year ending December 3 1 : Mortgage Payable $ 8 5 ,

Cullumber Grove Hardware has the following balances in the company ledgers for the year ending December 31:
Mortgage Payable
$85,000
Interest Expense
$13,000
Prepaid Insurance
$3,200
Land
$24,700
Short-term investments
$1,600
Office salaries
$72,000
Common Shares
$11,000
Sales Salaries
$99,800
Cash
$200
Supplies expense
$18,200
Advertising
$51,600
Insurance expense
$9,800
Accounts Receivable
$18,100
Depreciation expense
$18,500
Sales revenue
$596,000
Income tax expense
$5,400
Accounts Payable
$7,100
Dividend Payments
$12,900
Buildings (Net)
$101,100
Interest Income
$18,500
Cost of Goods Sold
$303,200
Inventory
$15,300
Note Payable (due in 9 months)
$8,700
Retained Earnings (Beg Bal-Jan 1)
$42,300

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