On January 1, 2024, the general ledger of Big Blast Fireworks included the following account balances: Accounts Debit Credit Cash $ 22,700 Accounts receivable 38,500 Allowance for uncollectible accounts 3,900 Inventory 34,000 Land 67,600 Accounts payable 30,400 Notes payable (6%, due in 3 years) 34,000 Common stock 60,000 Retained earnings 34,500 Totals $ 162,800 $ 162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchased 1,300 units for $141,700 on account ($109 each). January 8 Purchased 1,400 units for $159,600 on account ($114 each). January 12 Purchased 1,500 units for $178,500 on account ($119 each). January 15 Returned 120 of the units purchased on January 12 because of defects. January 19 Sold 4,300 units on account for $645,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Received $621,000 from customers on accounts receivable. January 24 Paid $451,000 to inventory suppliers on accounts payable. January 27 Wrote off accounts receivable as uncollectible, $2,900. January 31 Paid cash for salaries during January, $118,000. The following information is available on January 31, 2024. 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, $4,400 of accounts receivable are past due, and the company estimates that 35% 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 $12,700.