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. SANDHILL CORPORATION Adjusted Trial Balance December 31,2022 Debit Credit Accounts Receivable 49980 Inventory 22246 Land 63700 Buildings 93100 Equipment 39200 Allowance for Doubtful Accounts 4998 Accumulated Depreciation-Buildings 32340 Accumulated Depreciation-Equipment 17640 Accounts Payable 18914 Interest. Payable 4900 Dividends Payable 6615 Unearned Rent Revenue 1960 Bonds Payable 49000 Preferred 5 tock 19600 Bonds Payable 49000 Preferred Stock 19600 \begin{tabular}{l} Paid-in Capital in Excess of Par-Preferred Stock \\ \hline Common Stock \\ \hline \end{tabular} 1960 \begin{tabular}{l} Paid-in Capital in Excess of Par-Common Stock \\ \hline Retained Earnings \end{tabular} 39200 \begin{tabular}{l} Treasury Stock \\ \hline Cash Dividends \\ \hline \end{tabular} \begin{tabular}{|l|} \hline 14406 \\ \hline 6615 \\ \hline \end{tabular} 18620 Sales Revenue \begin{tabular}{|l|} \hline 73549 \\ \hline \end{tabular} Rent Revenue 4557 \begin{tabular}{|r|} \hline 558600 \\ \hline \end{tabular} 4900 \begin{tabular}{|l|} \hline Interest Expense \\ \hline Cost of Goods Sold \\ \hline \end{tabular} 392000 6468 38220 Salaries and Wages Expense Other Operating Expenses