Monty Corp.s unadjusted trial balance at December 1, 2022, is presented below. Debit Credit Cash $30,800 Accounts Receivable 51,520 Notes Receivable 14,000 Interest Receivable 0 Inventory 50,680 Prepaid Insurance 5,040 Land 28,000 Buildings 210,000 Equipment 84,000 Patent 12,600 Allowance for Doubtful Accounts $700 Accumulated Depreciation- Buildings 70,000 33,600 Accumulated Depreciation- Equipment Accounts Payable 38,220 0. Salaries and Wages Payable 15,400 Notes Payable (due April 30, 2023) 0 Income Taxes Payable 0 Interest Payable 49,000 Notes Payable (due in 2028) 70,000 Common Stock 89.040 Retained Earnings Dividends 16,800 Sales Revenue 1,260,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 882,000 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 86,520 Amortization Expense 0 Salaries and Wages Expense 154,000 Total $1,625,960 $1,625.960 The following transactions occurred during December. Purchased equipment for $22,400, plus sales taxes of $1,120 (paid in cash). Dec 2 2 Monty sold for $4.900 equipment which originally cost $7,000. Accumulated depreciation on this equipment at January 1, 2022, was $2,520, 2022 depreciation prior to the sale of equipment was $1,155. 15 Monty sold for $7,000 on account inventory that cost $4,900. 23 Salaries and wages of $9.240 were paid. Adjustment data: 1. Monty estimates that uncollectible accounts receivable at year-end are $5,600. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $5,040, 6-month premium on September 1, 2022. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $42.000. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,520. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $3,080. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $21.000. It was unpaid at December 31. MONTY CORP. Adjusted Trial Balance December 31, 2022 Debit Credit Income Tax Expense $ 21000 $ Income Taxes Payable 21000 Interest Expense 6440 Interest Payable 6440 Salaries and Wages Expense Salaries and Wages Payable 3080 Amortization Expense 1400 Patents Insurance Expense 3360 Prepaid Insurance Interest Receivable 840 Interest Revenue 840 Bad Debt Expense 4900 Allowance for Doubtful Accounts Equipment Cash Cost of Goods Sold Inventory Accounts Receivable Sales Revenue Accumulated Depreciation Equipment Retained Earnings Accumulated Depreciation-Buildings Notes Receivable 14000 Common Stock 70000 Notes Payable Land 28000 Buildings 210000 16800 Dividends 86520 Other Operating Expenses 1575 Gain on Disposal of Plant Assets Depreciation Expense 38220 Accounts Payable $ $ Totals