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Collins Industries, a manufacturer of parts for the automotive industry, closes its books and prepares financial statements at the end of each year. Collins Industries has the following trial balance of accounts at December 31,2011 Collins Industries Trial Balance of Account Balances 31-Dec-l1 DebitCredit Cash and marketable securities Accounts and notes receivable Raw materials inventory-all direct materials (12/31/2010) Work-in-process inventory (1 40,000 260,000 20,000 180,000 175,000 2,006,941 goods inventory (12/31/2010) Property, plant, and equipment (net) Accounts payable Notes payable (Due March 31, 2012) Bonds payable (6% per annum, due December 31, 2015) Paid -in capital Retained Earnings Sales Purchases of direct materials 780,656 40,000 50,000 500,000 100,000 1046,441 2.040,750 Direct labor Indirect factory labor Office salaries Sales salaries Utilities Property taxes Rent Maintenance and repairs, factory equipment Insurance expense Depreciation expense Freight expenses for materials purchases and sales Finished goods warehousing costs Quality inspection-manufacturing Bond interest expense Interest expense (notes payable) 682.650 10,000 325,006 100,000 150,000 50,000 120,000 23,000 10,000 40,000 120,000 80,000 43,000 25,000 64,000 22,500 10,750 Totals 4,557,847 4,557,847