Presented below is the trial balance of Sheffield Corporation at December 31, 2020. Debit Credit Cash $ 199,560 Sales $8,103,320 Debt Investments (trading) (at cost, $145,000) 156,320 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,560 Equity Investments (long-term) 279,560 Notes Payable (short-term) 93,320 Accounts Payable 458,320 Selling Expenses 2,003,320 Investment Revenue 67,870 Land 263,320 Buildings 1,042,560 Dividends Payable 138,560 Accrued Liabilities 99.320 Accounts Receivable 438,320 Accumulated Depreciation-Buildings 152.000 152,000 Accumulated Depreciation-Buildings 28,320 Allowance for Doubtful Accounts Administrative Expenses 904,870 Interest Expense 215,870 Inventory 599,560 Gain 84,870 Notes Payable (long-term) 902,560 Equipment 603,320 Bonds Payable 1,002,560 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,003,320 Treasury Stock 194,320 Patents 195,000 Retained Earnings 80,560 Paid-in Capital in Excess of Par 82.560 Totals $12,357,460 $12,357,460 14 DADAL SHEFFIELD CORPORATION Balance Sheet December 2010 . Assets Liabilities and Stockholders' Equity 5 | Question 1 of 1 -15 Textbook and Media