On May 5, 2024, you were hired by Sunland Inc., a closely held company that follows ASPE, as a staff member of its newly created internal auditing department. While reviewing the company's records for 2022 and 2023, you discover that no adjustments have yet been made for the items listed below. 1. Interest income of $16,544 was not accrued at the end of 2022. It was recorded when received in February 2023. 2. 3. 4. Equipment costing $15,840 was expensed when purchased on July 1, 2022. It is expected to have a four-year life with no residual value. The company typically uses straight-line depreciation for all fixed assets. Research costs of $31,680 were incurred early in 2022. They were capitalized and were to be amortized over a three-year period. Amortization of $10,560 was recorded for 2022 and $10,560 for 2023. For tax purposes, the research costs were expensed as incurred. On January 2, 2022, Sunland leased a building for five years at a monthly rental of $7,920. On that date, Sunland paid the following amounts, which were expensed when paid for both financial reporting and tax purposes: Security deposit $30,800 First month's rent 7,920 Last month's rent 7,920 $46,640