Presented below are selected accounts of Sandhill Company at December 31, 2020. Inventory (finished goods) $55,300 Cost of Goods Sold $2,193,400 Unearned Service Revenue 98,300 Notes Receivable 37,200 Equipment 253,700 Accounts Receivable 153,080 Inventory (work in process) 36,900 Inventory (raw materials) 202,480 Cash 38,700 Supplies Expense 55,650 Debt Investments (trading) 36,200 Allowance for Doubtful Accounts 11,920 Customer Advances 52,200 Licenses 18,900 Restricted Cash for Plant Expansion 52,400 Additional Paid-in Capital 94,980 Treasury Stock 23,870 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $45,845. 3. The short-term investments have a fair value of $26,710. 4. 5. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $15,210. 7. Treasury stock is recorded at cost.