Grouper Athletic Wear Inc's adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2021, the end of its fiscal year: $118,320 Inventory, Jan. 1 $58,320 63,648 Land 108,000 Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment 74,592 180,000 61,776 3,456 Mortgage payable Prepaid insurance Property tax payable Purchases discounts Administrative expenses 260,496 6,912 Buildings 273,600 32,400 Cash 24.480 Purchase returns and allowances 9.216 Common shares 75,600 Purchases 578,304 Deferred revenue 11,952 Refund liability 5.952 11,520 Dividends declared 98,784 Retained earnings Equipment 158,400 5,040 Salaries payable 8.064 Sales Freight in 917.280 23,040 Income tax expense 11,520 Selling expenses Interest expense 14.976 Additional information: 1. Grouper Athletic Wear uses a periodic inventory system. A physical inventory count determined that inventory on December 31, 2021, was $104,544. 2. Of the mortgage payable, $18,000 is due in the next year. 3. 4. Common shares of $36,000 were issued during the year. GROUPER ATHLETIC WEAR INC. Statement of Financial Position Assets S $ > $ $ Liabilities and Shareholders' Equity 4 >