Swift Co. had post-closing trial balances at September 30 20X0, as follows: Items Debit Credit (S) (S) Cash Short-term investments 90,000 15,200 Trade receivables 30,000 Inventories 22,000 Non-current assets 46,500 Bank 5,000 Trade payables 40,000 value: 1$) 12% Loan notes Ordinary shares (par Retained earnings Revaluation surplus 20,000 100,000 20,000 5,000 Wages and salaries Tax payables Accruals Total 10,000 3,500 200 203,700 203,700 The following information for transactions from October to December 20X0 are available: 1. Cash purchase: $45,000, Credit purchase: $80,000 Inventory at 31 December 20X0 was valued at $30,000 based on its original cost. However, $10,000 of this inventory has been obsolete and the directors have agreed to sell it in January 20X1 for a cash price of $6,000. At December 31, 20X0, outstanding trade payables were $50,000 2. Total sales: $250,000. At December 31, 20X0, trade receivables were $50,000. Payment discounts allowed: $11,000 3. Wages and salaries expense incurred: $15,000. Wages and salaries outstanding for the year ended 31 Dec 20X0: $5,000 4. Swift was exempted of income tax in the fourth quarter of 20X0. 5. On January 10th 20X1, one customer of Swift who owed $2,000 declared bankruptcy. 6. Telephone and other expenses incurred and paid by cash: $9,000 7. Loan notes were issued at 01 September 20X0. Swift paid loan note interest for the first 6 months at 31 December 20X0, by cash. 8. Swift made a right issue of 1 share for every 10 held at a premium of 40 cents per share.