Question 3 of 8 < > View Policies Show Attempt History Current Attempt in Progress These financial statement items are for Sandhill Corporation at year end, July 31, 2021: 1.61/5 Operating expenses $32.500 Interest payable $1,200 Salaries expense 48,700 Supplies expense 1,000 Deferred revenue 12,000 Dividends declared 11,500 Utilities expense 2.500 Depreciation expense 2.700 Equipment 56,600 Retained earnings, August 1, 2020 17,940 Accounts payable 4,320 Rent expense 12.000 Service revenue 113,600 Income tax expense 5,800 Rent revenue 18,000 Supplies 2.200 Common shares 27,000 Trading investments 20,500 Cash 4,860 Bank loan payable (due December 31, 2021) 24,800 Accounts receivable 21,600 Interest expense 2,800 Accumulated depreciation-equipment 6,400 Additional information: Sandhill started the year with $15,000 of common shares and issued additional shares for $12,000 during the year.