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Sandhill Corporation's trial balance at December 31,2022 , is presented below. All 2022 transactions have been recorded except for the items described below. Unrecorded transactions
Sandhill Corporation's trial balance at December 31,2022 , is presented below. All 2022 transactions have been recorded except for the items described below. Unrecorded transactions and adjustments: 1. On January 1,2022 , Sandhill issued 980 shares of $20 par, 6% preferred stock for $21,560. 2. On January 1, 2022, Sandhill also issued 980 shares of common stock for $22,540. 3. Sandhill reacquired 294 shares of its common stock on July 1, 2022, for $49 per share. 4. On December 31,2022 , Sandhill declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023. 5. Sandhill estimates that uncollectible accounts receivable at year-end are $4,998. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,900. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,920. 8. 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). 9. 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. SANDHIL CORPORATION Balance Sheet Assets $ $ 5
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