Flint Corporations unadjusted trial balance at December 1, 2017, is presented below. Debit Credit Cash $26,100 Accounts Receivable 36,900 Notes Receivable 8,200 Interest Receivable 0 Inventory 36,170 Prepaid Insurance 3,300 Land 21,300 Buildings 143,700 Equipment 61,500 Patent 9,270 Allowance for Doubtful Accounts $500 Accumulated DepreciationBuildings 47,900 Accumulated DepreciationEquipment 24,600 Accounts Payable 27,300 Salaries and Wages Payable 0 Notes Payable (due April 30, 2018) 11,600 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2023) 35,300 Common Stock 50,400 Retained Earnings 68,040 Dividends 14,500 Sales Revenue 900,500 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 638,500 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61,700 Amortization Expense 0 Salaries and Wages Expense 105,000 Total $1,166,140 $1,166,140 The following transactions occurred during December. Dec. 2 Purchased equipment for $18,000, plus sales taxes of $1,800 (paid in cash). 2 Flint sold for $3,600 equipment which originally cost $4,800. Accumulated depreciation on this equipment at January 1, 2017, was $2,000; 2017 depreciation prior to the sale of equipment was $420. 15 Flint sold for $5,250 on account inventory that cost $3,240. 23 Salaries and wages of $6,730 were paid. Adjustment data: 1. Flint estimates that uncollectible accounts receivable at year-end are $4,090. 2. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $3,300, 6-month premium on September 1, 2017. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $31,200. 5. 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. 6. The equipment purchased on December 2, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,160. 7. The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2017, total $2,150. 9. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $14,800. It was unpaid at December 31.