Hardform Mold Shop Inc. is a company specialized in designing and building molds for the automotive and aircraft industries. The account balances in the company's general ledger on January 1, 2020 (first day of the annual fiscal year) were as follows (all account balances are in their normal position): Cash Accounts receivable Supplies inventory Land Buildings Accumulated depreciation, buildings $ 3,700 5,900 29,300 168,500 116,500 37,500 Equipment 58,500 Accumulated depreciation, equipment 18,000 Accounts payable 25,200 Income tax payable 16,600 Interest payable 4,200 Wages payable (due in 2020) 15,700 Notes payable ($10,000 due June 30, 2021, balance due June 30, 2022) 61,500 Common shares 151,500 Retained earnings, Dec. 31, 2019 52,200 Transactions during 2020: a. The company provided mold design services, all on credit, for $210,300. In addition, the company manufactured molds for customers for $62,300 cash. b. Accounts receivable of $15,600 remain to be collected at December 31, 2020. c. Inventory of $62,900 was purchased on credit and debited to the supplies inventory account. d. Minor parts were purchased for $7,400 cash and debited to the supplies inventory account. e. Wages payable at the beginning of 2020 were paid early in 2020. Wages were earned by employees and paid during 2020 in the amount of $112,000. f. Income tax payable at the beginning of 2020 were paid early in 2020. g. Payments of $73,000 were made to creditors for supplies previously purchased on credit. h. One year's interest at 9% was paid on the notes payable at July 1, 2020. i. During 2020, James Wilkinson, the principal shareholder, purchased a new care for his wife Sylvia. The new car cost $45,000 and was paid for with personal funds in cash. j. Property taxes were paid on the land and buildings in the amount of $17,000 cash. k. Dividends were declared and paid in the amount of $7,200.