Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Account Title Cash Accounts receivable Debits $ 53,645 Credits 23,500 2,800 Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (long-term) Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals 22,000 55,500 69,000 $ 8,970 27,700 3,400 29,100 85,000 15,850 6,375 220,000 115,000 0 37,150 0 0 5,050 $ 390,020 Information necessary to prepare the year-end adjusting entries appears below. $ 390,020 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $5,100. 3. The company borrowed $29,100 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $440. 5. Prepaid rent expired during the period is $13,800. Cash dividends paid to shareholders during the year amounted to $6,375.