Motown Corporation Adjusted Trial Balance Year ending December 31, 20X1 DEBITS CREDITS Cash 20,000 Accounts Receivable 193,000 Allowance for Doubtful Accounts 6,000 Property, Plant & Equipment 308,000 Accumulated Depreciation 24,000 Accounts Payable 80,000 Accrued Liabilities 25,000 Notes Payable (more than one year) 88,750 Common Stock 100,000 Retained Earnings 94,000 Sales Revenue 300,000 Interest Income 750 Income Tax Expense 5,000 Rent Expense 12,500 Utilities Expense 20,000 Salaries & Wages Expense 120,000 General & Administrative Expense 40,000 TOTALS 718,500 718,500 Compute net income for the period. Compute Total Assets Compute Total Liabilities