Oriole Company began operating on October 1, 2022. It prepares monthly financial statements. A tabular summary including information as of December 1, 2022, is shown below in the instructions. Note that the Inventory balance of $4,140 is based on 6,900 units costing $0.60 per unit. Also, the $39,100 balance in Retained Earnings represents the results for the first two months of operations. The following transactions occurred during December Dec. 3 Purchased 9,200 units of Inventory on account at a cost of $0.70 per unit. 5 7 Sold 10,120 units of inventory on account for $0.90 per unit. (Oriole sold 6,900 of the $0.60 units and 3,220 of the $0.70.) Granted the December 5 customer $414 credit for 460 units of inventory returned costing $340. These units were returned to inventory Purchased 5,060 units of inventory for cash at $0.80 each. Sold 4,600 unit of inventory on account for $0.95 per unit. (Oriole sold 4,600 of the $0.70 units.) 17 22 Adjustment data: 1. Accrued salaries and wages payable $920. Depreciation on equipment $460 per month. 2. 3. Income tax expense was $502, to be paid next year. Accts. Cash Rec. Inventory 12/1/Bal. $11,040 $8,970 $4,140 Dec. 3 5 7 17 22 Unadj. Bal. Adj. (A1) (A2) (A3) Adj. Bal. $ Depr. Accts. Income Taxes Equip. Equip. Pay. Pay. $48,300 $-3,450 $6,900 Wages Com. Pay. Stock Retained Earnings $23,000 $39,100 Rey. Exp. $ Retained Earnings $39,100 Rev. Exp. Div.