Repairs expense 23,478 Retained earnings 737,575 Revenue 290,250 Salaries expense 155,517 Share capital 4,515 Shop supplies expense 2,259 Unearned revenue 112,875 Ueliees expense 39,981 Vehicle 45,150 Addi@onal informa@on: Adjustments not yet recorded are: I 1. Revenue earned but not yet billed is $20,000. 2. Deprecia on expense for the vehicle is $3,000. 3. The building's es@mated residual value is $100,000 and its esemated useful life is 25 years. 4. Salaries not yet paid are $2,500. 178 The Classified Balance Sheet and Related Disclosures 5. Revenue that was paid in cash as an advance of $50,000 is now earned. 6. Rent for October 2016 of $5,150 was paid and recorded to rent expense. 7. One-half of the prepaid insurance is has now been used. Mortgage payments for the next fiscal year will total $36,000, which includes interest expense of $6,000.