Sunland Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $26,900 Accounts Receivable 56,000 Inventory 23,400 Land 63,900 Buildings 92,800 Equipment 36,000 Allowance for Doubtful Accounts $440 Accumulated Depreciation-Buildings 29,000 Accumulated Depreciation Equipment 15,400 Accounts Payable 19,300 Interest Payable -0- Dividends Payable -0- Unearned Rent Revenue 8,000 Bonds Payable (10%) 52,000 Common Stock ($10 par) 28,000 Paid-in Capital in Excess of Par-Common Stock 5,600 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred Stock -0- Retained Earnings 27,260 Treasury Stock -0- Cash Dividends -0- Sales Revenue 624,000 Rent Revenue -0- Bad Debt Expense -0- Interest Expense -0- Cost of Goods Sold 407,000 Depreciation Expense -0- Other Operating Expenses 39,400 Salaries and Wages Expense 63,600 Total $809,000 $809,000 Unrecorded transactions and adjustments: 1. 2. 3. On January 1, 2020, Sunland issued 1,100 shares of $20 par, 6% preferred stock for $23,100. On January 1, 2020, Sunland also issued 1,200 shares of common stock for $27,600. Sunland reacquired 320 shares of its common stock on July 1, 2020, for $46 per share. On December 31, 2020, Sunland declared the annual cash dividend on the preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2021. Sunland estimates that uncollectible accounts receivable at year-end is $5,600. 4. 5. 6. 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,800. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,600. 8. The unearned rent was collected on October 1, 2020. It was receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021). The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2020, has not been paid or recorded. 9. (Ignore income taxes.) Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in part(a). SUNLAND CORPORATION Trial Balance Debit Credit $