On January 1, 2021, Displays Incorporated had the following account balances:

Accounts		Debit			Credit
Cash	$	28,000
Accounts receivable		25,000
Supplies		31,000
Inventory		64,000
Land		233,000
Accounts payable				$	30,000
Notes payable (6%, due next year)					26,000
Common stock					192,000
Retained earnings					133,000
Totals	$	381,000		$	381,000

From January 1 to December 31, the following summary transactions occurred:

Purchased inventory on account for $336,000.

Sold inventory on account for $600,000. The cost of the inventory sold was $316,000.

Received $564,000 from customers on accounts receivable.

Paid freight on inventory received, $30,000.

Paid $326,000 to inventory suppliers on accounts payable of $330,000. The difference reflects purchase discounts of $4,000.

Paid rent for the current year, $48,000. The payment was recorded to Rent Expense.

Paid salaries for the current year, $156,000. The payment was recorded to Salaries Expense.

Year-end adjusting entries:

Supplies on hand at the end of the year are $8,000.

Accrued interest expense on notes payable for the year.

Accrued income taxes at the end of December are $24,000