Problem 13-52 (Algo) (LO 13-4, 13-7) Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made some poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the drop in revenues, the company is now insolvent. The following is a trial balance as of March 14, 2020. Debit Credit Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Additional paid-in capital Advertising payable Building Cash Common stock $ 37,000 $ 33,000 54,000 20,000 12,000 8,000 84,000 5,000 62,000 Equipment Inventory 42,000 108,000 Investments Land 19,000 14,000 Note Payable-Colorado Savings and Loan (secured by lien on land and building) Note Payable-First National Bank (secured by equipment) Payroll taxes payable Retained earnings (deficit) Salaries payable (owed equally to two employees) Totals 74,000 158,000 5,000 134,000 9,000 $439,000 $ 439,000