Monty Corp's unadjusted trial balance at December 1, 2022, is presented below. Debit Credit Cash $30.800 Accounts Receivable 51.520 Notes Receivable Interest Receivable Inventory 50.680 Prepaid Insurance 5.040 Land 28.000 Buildings 210,000 Equipment 84.000 Patent 12,600 Allowance for Doubtfui Accounts 5700 Accumulated Depreciation- Buildings 70,000 Accumulated Depreciation- Equipment 33,600 Accounts Payable 38,220 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 15,400 Income Taxes Payable 0 Interest Payable 0 Notes Payable due in 2028) 49,000 Common Stock 70,000 Retained Earnings 89.040 Dividends 16.800 Sales Revenue 1,260,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cast of Goods Sold 882,000 Depreciation Expense 0 Income Tax Expense 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 Dec 2 Purchased equipment for $22,400. plus sales taxes of $1,120 (paid in cash). 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 55,600. 2. The notereceivable 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 542,000. 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 Unpaid salaries at December 31, 2022, total $3,080. 8. 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. Balance Sheet December 31, 2022 Assets Current Assets Cash Accounts Recelvable Less Inventory Prepald Insurance Total Current Assets Property, Plant and Equipment Less DODO UUD Less Total Property, plant and Equipment Intangible Assets MONTY CORP. Balance Sheet December 31, 2022 Assets $ $ 58520 !! LOLA ml.. IIII II I $ Liabilities and Stockholders' Equity Current Llabilities Notes Payable $ Accounts Payable Interest Payable LULU Income Taxes Payable Salaries and Wages Payable Total Current Llabilities Long-term Llabilities Total Llabilitles Stockholders' Equity Common Stock ketained Earnings Total Liabilities and Stockholders' Equity v Liabilities and Stockholders' Equity 5 $ II = $