Mountain Sports, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2021. Following are the correct adjusted account balances, in alphabetical order, as of that date. Each balance is the normal balance for that account. (Hint: The normal balance is the same as the debit or credit side that increases the account.)

Accounts payable	$	13,400
Accounts receivable		3,200
Accumulated depreciation: office equipment		12,500
Additional paid-in capital (common stock)		7,900
Bonds payable (due December 31, 2024)		22,800
Cash		14,700
Common stock (2,500 shares, $10 par value)		25,000
Cost of goods sold		102,980
Deferred income taxes		6,100
Depreciation expense: office equipment		2,450
Dividends declared		5,000
Income tax expense		8,090
Insurance expense		840
Land		39,700
Merchandise inventory		20,700
Notes payable (due December 31, 2022)		2,600
Office equipment		42,200
Office supplies		890
Office supplies expense		470
Preferred stock (270 shares, $20 par value)		5,400
Premium on bonds payable		1,850
Prepaid rent		1,200
Rent expense		6,000
Retained earnings (January 2021)		22,000
Salaries expense		87,695
Sales		226,800
Sales returns and allowances		2,200
Sales taxes payable		3,900
Treasury stock (700 common shares at cost)		7,875
Utilities expense		4,060