On January 1, 2021, the general ledger of Big Blast Fireworks included the following account balances: Accounts Debit Credit Cash $ 24,900 Accounts receivable 44,000 Allowance for uncollectible accounts 3,300 Inventory 45,000 Land 84,100 Accounts payable 27,700 Notes payable (8%, due in 3 years) 45,000 Common stock 71,000 Retained earnings 51,000 Totals $ 198,000 $ 198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchased 1,350 units for $145,800 on account ($108 each). January 8 Purchased 1,450 units for $163,850 on account ($113 each). January 12 Purchased 1,550 units for $182,900 on account ($118 each). January 15 Returned 175 of the units purchased on January 12 because of defects. January 19 Sold 4,500 units on account for $675,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Received $661,000 from customers on accounts receivable. January 24 Paid $440,000 to inventory suppliers on accounts payable. January 27 Wrote off accounts receivable as uncollectible, $2,400. January 31 Paid cash for salaries during January, $134,000. The following information is available on January 31, 2021. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. At the end of January, $5,500 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. Accrued income taxes at the end of January are $13,800.