On January 1, 2024, Displays Incorporated had the following account balances: Account Title Cash Debit. Credit $27,000 Accounts receivable 24,000 Supplies 30,000 Inventory 62,000 Land 232,000 Accounts payable $ 28,000 Notes payable (5%, due next year) Connon stock 25,000 191,000 Retained earnings 131,000 Totals $375,000 $375,000 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $335,000. b. Sold Inventory on account for $595,000. The cost of the inventory sold was $315.000. c. Received $560,000 from customers on accounts receivable. d. Paid freight on inventory received, $29,000. e. Paid $325,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $9,000. Paid rent for the current year, $47.000. The payment was recorded to Rent Expense. 9. Paid salaries for the current year, $155,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. brenied income taves at the and of Deremher are $22.000