Current Attempt in Progress Sheridan Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Unrecorded transactions and adjustments: 1. On January 1, 2022, Sheridan issued 920 shares of $20 par, 6% preferred stock for $20,240. 2. On January 1, 2022, Sheridan also issued 920 shares of common stock for $21,160. 3. Sheridan reacquired 276 shares of its common stock on July 1,2022 , for $49 per share. 4. On December 31,2022 , Sheridan declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5. Sheridan estimates that uncollectible accounts receivable at year-end are $4,692. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,600. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,680. 8. The unearned rent was collected on October 1, 2022. It was receipt of 4 months' rent in advance (October 1, 2022 through January 31, 2023). 9. The 10% bonds payable pay interest every January 1 . The interest for the 12 months ended December 31,2022 , has not been paid or recorded. Prepare a multiple-step income statement for the year ending December 31, 2022. (List other revenues before other expenses.) SHERIDAN CORPORATION Income Statement For the Year Ended December 31, 2022 Sales Revenue Rent Revenue Total Revenues Operating Expenses Bad Debt Expense Depreciation Expense Other Operating Expenses Salaries and Wages Expense Total Operating Expenses Income From Operations Net Income/(Loss) 529920 \begin{tabular}{r|} \hline \\ \hline 423890 \\ \hline \end{tabular} Interest Payable 4,600 Dividends Payable 6,210 Unearned Rent Revenue 1,840 Bonds Payable 46,000 Retained Earnings 69,046 Cash Dividends 6,210 Sales Revenue Rent Revenue Bad Debt Expense 4,278 Interest Expense 4,600 Cost of Goods Sold 368,000 Depreciation Expense 6,072 Other Operating Expenses 35,880 Salaries and Wages Expense Prepare an updated December 31,2022, trial balance, reflecting the journal entries in part(a). SHERIDAN CORPORATION Adjusted Trial Balance December 31, 2022 Debit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Par-Common Stock Treasury Stock Accounts Payable Credit $ 51,336$ 1,840