One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Deferred Revenue (40 units) Book Print Accounts Payable Notes Payable (long-term) Common Stock "erences *credit balance. Retained Earnings $ 18,970 14,130 430 2,000 4,800 2,040 12,000 10,900 4,930 The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $120 per unit. OTP's January 1 inventory balance consists of 50 units at a total cost of $2,000. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $4,800 payment for 40 units OTP is to deliver in January, this obligation was recorded in Deferred Revenue. Rent of $1,140 was unpaid and recorded in Accounts Payable at December 31. OTP's notes payable mature in three years, and accrue interest at a 10% annual rate. January Transactions a Included in OTP fanan 4 Arrunte Paravahla halsnra ir a $1000 halance due from loff I atenteli laff ie hainn each flow