Question $1$ of $1$

Cullumber Corporation's trial balance at December $31,2022,$ is presented below. All $20$ the items described below.

$\backslash$table$[[,$Debit,Credit$],[$Cash$,$$$27,030,],[$Accounts Receivable,$54,060,],[$Inventory$,24,062,],[$Land$,68,900,],[$Buildings$,100,700,],[$Equipment$,42,400,],[$Allowance for Doubtful Accounts,,$$477$

Unrecorded transactions and adjustments:

On January $1,2022,$ Cullumber issued $1,060$ shares of $$20$ par, $6\%$ preferred stock for $$23,320.$

On January $1,2022,$ Cullumber also issued $1,060$ shares of common stock for $$24,380.$

Cullumber reacquired $318$ shares of its common stock on July $1,2022,$ for $$49$ per share.

On December $31,2022,$ Cullumber declared the annual cash dividend on the preferred stock and a $$1\mathrm{.}50$ per share dividend on the outstanding common stock, all payable on January $15,2023.$

Cullumber estimates that uncollectible accounts receivable at year$-$end are $$5,406.$

The building is being depreciated using the straight$-$line method over $30$ years. The salvage value is $$5,300.$

The equipment is being depreciated using the straight$-$line method over $10$ years. The salvage value is $$4,240.$

The unearned rent was collected on October $1,2022.$ It was receipt of $4$ months' rent in advance $($October $1,2022$ through January $31,2023).$

The $10\%$ bonds payable pay interest every January $1.$ The interest for the $12$ months ended December $31,2022,$ has not been paid or recorded.

$($Ignore income taxes.$)$