It is your first day on the job as a trainee for an entry position in the accounting department of Alimex Inc., a merchandising company. The company controller provides you with the following unadjusted trial balance as at December 31, 2020, with accounts listed in alphabetical order: Debit Accounts payable Credit $ 33,000 Accounts receivable $100,000 Accumulated depreciation, equipment 9,000 Cash 11,000 Contributed capital (15,000 shares) Cost of sales 60,000 129,000 Deferred revenue 11,240 Equipment, at cost 60,000 Merchandise inventory 18,200 Other operating expenses 1,400 Note receivable, due December 31, 2021 24,000 Prepaid income taxes 1,040 Prepaid rent 16,800 Rent expense 11,000 Retained earnings, January 1, 2020 Sales revenue 70,000 301,000 Wages expense 111,800 $484,240 $484,240 Additional information is as follows: a. Wages owed to employees totalled $8,000 as at December 31, 2020. b. The note receivable was obtained by Alimex on September 1, 2020. The note carries an annual interest rate of 5 percent, payable to Alimex at maturity only. c. The balance in prepaid rent represents a payment August 1, 2020, for 12 months of rent, beginning on that date. d. The equipment has a useful life of 20 years. Depreciation expense for 2020 was estimated at $3,000. e. Cash dividends of $1 per share were declared on December 31, 2020, payable on January 25, 2021. f. The company is subject to an income tax rate of 20 percent. Income taxes are due March 15, 2021. Journal entries related to these transactions have not been recorded yet.