Gibco Inc. Balances Dec 31, 2021 Cost of Goods Sold $87,000 Wages Payable 12,000 Accumulated depreciation building 135,000 Interest expense 22,000 Account payable 85,000 Interest payable- 3 months 12,000 Current portion of long term debt 105,000 Revenue 220,000 Wage expense 35,000 Land 20,000 Dividends declared 3,500 Unearned revenue 13,000 Cash 13,700 Interest revenue 2,200 Rent expense 35,000 Accounts receivable 42,000 Long-term loan 94,000 Prepaid rent 34,000 Inventory 200,000 Depreciation expense 13,000 Building 350,000 Common shares 72,000 Income tax expense 7,000 Retained earnings (Jan 1, 2021) 112,000