Flint Corporation prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. FLINT CORPORATION Post-Closing Trial Balance December 31, 2021 Debit Credit Cash $22,800 Accounts Receivable 22,000 Allowance for Doubtful Accounts $1,400 Equipment 19,000 Accumulated Depreciation-Equipment 12,000 Buildings 103,000 Accumulated Depreciation-Buildings 12,000 Land 20,000 Accounts Payable 12,050 Common Stock 88,000 Retained Earnings 61,350 $186,800 $186,800 During the first quarter of 2022, the following transactions occurred: 1. 2. On February 1, Flint collected fees of $8,400 in advance. The company will perform $700 of services each month from February 1, 2022, to January 31, 2018. On February 1, Flint purchased computer equipment for $10,800 plus sales taxes of $600. $3,600 cash was paid with the rest on account. Check #455 was used. 3. 4. 5. On March 1, Flint acquired a patent with a 10-year life for $11,400 cash. Check # 456 was used. On March 28, Flint recorded the quarter's sales in a single entry. During this period, Flint had total sales of $160,000 (not including the sales referred to in item 1 above). All of the sales were on account. On March 29, Flint collected $153,000 from customers on account.