Sandhill had the following account balances at December 31, 2023: Cash $24,000 Accumulated Depreciation, Equipment 25,000 Accounts Receivable 25,000 Wages Payable 6,000 Supplies 50,000 Accounts Payable 50,000 Prepaid Insurance 3,000 Common Shares 75,000 Inventory 46,500 Retained Earnings 67,500 Equipment 75,000 During 2024, the following transactions occurred: 1. Sales of paninis for cash were $646,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $174,000, all on account. 3. Collections from customers for sales on account totalled $17,900. 4. 5. The company paid $44,700 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold.