Culver Corporation's unadjusted trial balance at December 1, 2022, is presented below. Credit Debit $21,400 36,300 9,400 0 32,900 3,600 20,300 147,000 65,000 9,000 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total $500 49,000 26,000 25,800 0 10,700 0 0 35,900 46,000 9,500 12,100 964,000 0 0 0 652,000 0 0 0 0 58,400 0 100,000 $1,167,400 $1,167,400 The following transactions occurred during December. Dec. 2 2 Purchased equipment for $17,100, plus sales taxes of $700 (paid in cash). Culver sold for $3,900 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2022, was $1,600; 2022 depreciation prior to the sale of equipment was $775. Culver sold for $5,500 on account inventory that cost $3,100. Salaries and wages of $6,600 were paid for December 15 23 Adjustment data: 1. 2. 3. 4. 5. 6. Culver estimates that uncollectible accounts receivable at year-end are $3,600. The note receivable is a 1-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $3,600, 6-month premium on September 1, 2022. The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000. 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. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,600. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2022, total $2,400. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $16,000. It was unpaid at December 31. 7. 8. 9. 10 (d) Prepare a December 31, 2022, balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) CULVER CORPORATION Balance Sheet Assets $ $ . $ $ Liabilities and Stockholders' Equity $ $ $