Northwestern Corporation, a private company, is authorized to issue an unlimited number of common shares and 500,000, $5 cumulative preferred shares.It began operations on January 1, 2023, and the following occurred in 2023:

The following information is also available with respect to the company operations during the year 2023:

1.Collected $276,000 cash for consulting revenue earned.

2.Paid $167,000 salaries expense; $48,000 rent expense; and $11,000 office expense.

3.Purchase equipment for $150,000 cash.

4.At December 31, the following adjustments were required:

a.Depreciation on the equipment, $15,000.

b.Consulting revenue earned but not yet invoiced, $25,000

c.Accrued salaries expense, $4,500

d.Income tax rate, 15%.No instalments were paid during the year.

Northwestern has elected to prepare its financial statements under ASPE