On July 15,2026 , fire damaged the office and warehouse of Teal Corporation. The only accounting record saved was the general ledger, from which the following trial balance was prepared: TEAL CORPORATION TRIAL BALANCE June 30, 2026 Cash $12,000 Accounts receivable 156,000 Inventory, December 31, 2025168,000 Land 70,900 Buildings Accumulated depreciation $54,500 Equipment 26,100 Accounts payable 151,100 Other accrued expenses 14,200 Common stock 11,000 Retained earnings 384,200 Sales revenue 695,800 Purchases 500,000 Miscellaneous expense $1,310,80072,800$1,310,800 The following data and information have been gathered. 1. The fiscal year of the corporation ends on December 31 . 2. An examination of the July bank statement and canceled checks revealed that checks written during the period July 115 totaled $63,400 : $52,500 paid to accounts payable as of June 30,$2,700 for July merchandise shipments, and $4,000 paid for other expenses. Deposits during the same period amounted to $79,500, which consisted of receipts on account from customers with the exception of a $1,700 refund from a vendor for merchandise returned in July. 3. Correspondence with suppliers revealed unrecorded obligations at July 15 of $27,000 for July merchandise shipments, including $1,540 for shipments in transit (f.o.b. shipping point) on that date. 4. Customers acknowledged indebtedness of $155,000 at July 15,2026 . It was also estimated that customers owed another $11,800 that will never be acknowledged or recovered. Of the acknowledged indebtedness, $1,900 will probably be uncollectible. 5. The companies insuring the inventory agreed that the corporation's fire-loss claim should be based on the assumption that the overall gross profit rate for the past 2 years was in effect during the current year. The corporation's audited financial statements disclosed this information: 6. Inventory with a cost of $10,400 was salvaged and sold for $3,000. The balance of the inventory was a total loss. Beginning Inventory Cost of Goods Sold Ending Inventory Gross Profit Gross Profit Rate Net Purchases, 2024 Net Purchases, 2025 ] Net Sales, 2024 Net Sales, 2025 Total Total Net Sales