Liabilities Accounts payable 23,300 Deferred revenue 55,000 Mortgage payable 476,000 Note 1 8% Bonds payable, due 2021 600,000 Note 2 Interest payable 48,000 Wages payable 13,000 Equity Common shares, 25,000 Issued 200,000 Opening retained earnings 350,000 Sales revenue 1,345,000 Cost ofgoods sold (375,000) Selling expense (123,000) Salaries & wages expense (250,000) Depreciation expense (14,000) Supplies expense (13,000) Property tax expense (36,000) Income tax expense (22,000) General & administrative expense (130,000) Closing retained earnings 732,000 Total Liabilities 8: Equity 2,147,300