On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: Cash $90,000 Accumulated Depreciation, Equipmant $90,000 Accounts Receivable 96,000 Accounts Payable 60,000 Inventory 60,000 Wages Payable 8,000 Supplies 2,000 Bank Loan Payable 150,000 Long-Term Investment 80,000 Common Shares 250,000 Equipment 330,000 Retained Earnings 100,000 In 2020, the following transactions occurred 1 On January 1, paid $5,400 for a three-year fire insurance policy. 2 Purchased additional uniform inventory on credit for $146,600. 3. 4 Sold uniforms for $199,200 on account. The inventory that was sold had been purchased for $100,000. Performed cleaning services for customers for $536,200. One-quarter of this amount was paid in cash and the remainder was on account. Paid $146,800 to suppliers to settle some of the accounts payable. 5. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Paid $16,800 for advertising 8. At the end of 2020, paid the interest on the bank loan for the year at the rate of 7%, as well as $32,100 on the principal. The remaining principal balance is due in three years. 9. Received a $3,000 dividend from the long-term investment. 10. Paid $18,300 for utilities for the year. 11. Declared and paid dividends of $13,000 at the end of the year. 12. 13. 14. Paid $102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December. Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2017, and it was expected to last 10 years and have a residual value of $30,000. The company depreciates its equipment using the stra line method. Made an adjustment for the cost of the insurance that expired in 2020.