he ledger of Bama Inc. had the following account balances on December 31. Description Amount Description Amount Accounts payable $33,200 Office equipment $9,500 Accounts receivable 9,500 Raw materials inventory 9,600 Accrued expenses (credit) 800 Allowance for bad debts 500 Bonds payable, 8% 25,000 Accumulated depreciation 9,000 Common stock ($100 par) 70,000 Rent expense paid in advance on a short-term lease 3,000 Cash 10,000 Sinking fund to retire long-term debt 7,000 Retained earnings (to be computed) ? Land held for future plant site 14,000 Plant equipment 31,200 Note receivable, 9%, due in 2 years 6,749 Finished goods inventory 13,100 Work in process inventory 23,300 Investments* 13,000 *For the investments account, $4,000 will be conve