Question 8 of 10 < Selected accounts follow of Blue Spruce Limited at December 31, 2020: Finished Goods Inventory $157,000 Cost of Goods Sold $3,800,000 Unearned Revenue 92,000 Notes Receivable 48,000 Bank Overdraft 9,800 Accounts Receivable 251,000 Equipment 403,000 Raw Materials Inventory 367,000 Work-in-Process Inventory 44,000 Supplies Expense 61,000 Cash 60,000 Allowance for Doubtful Accounts 31,000 FV-NI Investments 36,000 Intangible Assets-Trade Names 22,000 Interest Payable 49,000 Contributed Surplus 18,000 Restricted Cash (for Plant Expansion) 60,000 Common Shares 306,000 The following additional information is available: Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $62,600. 1. Inventory is valued at the lower of cost and net realizable value using FIFO. 2. 3. 4. 5. The FV-NI investments have a fair value of $34,000. The notes receivable are due April 30, 2021. 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 $60,000 are pledged as