Sherry's Shuttles is a bus company offering rides to outdoor adventurers. In the summer, she caters to mountain bikers and in winter to skiers. Sherry's company has the following account balances, all on December 31, 2024 and for the year then ended unless otherwise noted: Wages payable $1,600 Insurance expense $4,000 Dividends 3,000 Telephone expense 400 Cash 5,000 Equipment, net 30,000 Common shares (Jan 1, 2024) 60,000 Bank loan 45,000 Retained earnings (January 1, Accounts payable 2,200 2024) 10,000