Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment.

Polis Corp.

Trial Balance

December 31, 2020

Dr.Cr.

Cash$337,500

Accounts receivable(net)1,447,500

Inventory1,192,500

Property, plant, and equipment(net)4,183,000

Accounts payable and accruedliabilities$990,500

Income taxespayable342,000

Future income taxliability37,500

Commonshares1,675,000

Contributedsurplus1,340,000

Retained earnings, Jan 1,20202,325,000

Net sales and otherrevenues6,180,000

Costs andexpenses5,040,000

Income taxexpenses689,500

$12,890,000$12,890,000

Other financial data for the year ended December 31, 2020:

• Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022.
• The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability.
• During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent.

In Polis' December 31, 2020 statement of financial position, the current liabilities total is

$1,217,500.

$1,347,500.

$1,057,000.

$1,100,000.