On December 1, 2022, Sheridan Company had the account balances shown below. Debits Credits Cash $1,390 Accounts Receivable 2,720 Inventory (3,300 x $0.60) $4,760 Accumulated Depreciation-Equipment 4,090 Accounts Payable 1,980 Common Stock 22,700 Retained Earnings $33,530 10,200 Equipment 19,220 $33,530 The following transactions occurred during December Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4,700 units of inventory on account for $0.90 per unit. (It sold 3,300 of the $0.60 units and 1,400 of the $0.77.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory 17 Purchased 2,100 units of inventory for cash at $0.90 each. 22 Sold 2,000 units of inventory on account for $1.03 per unit. (It sold 2.000 of the $0.77 units.) Adjustment data: 1. Accrued salaries and wages payable $480. 2. Depreciation on equipment $220 per month. 3. Income tax expense was $190, to be paid next year