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) $ 52,200 13,600 390* 3,500 5,200 Accounts Payable Notes Payable (long-term) Common Stock 1,590) 36,000 21,600. Retained Earnings * credit balance. 4,520 The following information is relevant to the first month of operations in the following year: . OTP will sell inventory at $130 per unit. OTP's January 1 inventory balance consists of 50 units at a total cost of $3,500. OTP's policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $5,200 payment for 40 units OTP is to deliver in January, this obligation was recorded in Deferred Revenue. Rent of $1,040 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.