Martinez Corp.'s balance sheet at December 31, 2021, is presented below. MARTINEZ CORP. Balance Sheet December 31, 2021 Cash $34,440 Accounts payable $35,840 Accounts receivable 63,700 Common stock ($10 par) 112,000 Allowance for doubtful accounts (2,100) Retained earnings 178,360 Supplies 6,160 Land 56,000 Buildings 198,800 Accumulated depreciation-buildings (30,800) $326,200 $326,200 During 2022, the following transactions occurred. 1. On January 1, Martinez issued 1,680 shares of $40 par, 7% preferred stock for $68,880. 2. On January 1, Martinez also issued 1,260 shares of the $10 par value common stock for $29,400. 3. Martinez performed services for $448,000 on account. 4. On April 1, 2022, Martinez collected fees of $50,400 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Martinez collected $386,400 from customers on account. 6. Martinez bought $49,140 of supplies on account. 7. Martinez paid $45,080 on accounts payable. 4. On April 1, 2022, Martinez collected fees of $50,400 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Martinez collected $386,400 from customers on account. 6. Martinez bought $49,140 of supplies on account. 7. Martinez paid $45,080 on accounts payable. 8. Martinez reacquired 560 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $263,480. 10. On December 31, 2022, Martinez declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $2,380 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $8,260 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $4,900 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $14,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)