Swifty Corporation, a private entity reporting under ASPE, was incorporated on January 3, 2019. The corporation's financial statements for its first year of operations were not examined by a public accountant. You have been engaged to audit the financial statements for the year ended December 31, 2020, and your audit is almost complete. The corporation's trial balance is as follows: SWIFTY CORPORATION Trial Balance December 31, 2020 Debit Credit Cash $55,000 Accounts receivable 87,000 Allowance for doubtful accounts $2,000 Inventory 59,200 Machinery 81,000 Equipment 35,000 Accumulated depreciation 28,000 Intangible assets-patents 126,300 Leasehold improvements 36,600 Prepaid expenses 14,000 Goodwill 31,000 Intangible assets-licensing agreement No. 1 54,000 Intangible assets-licensing agreement No. 2 55,000 Accounts payable 93,000 Unearned revenue 17,280 Common shares Retained earnings, January 1, 2020 Sales Cost of goods sold 300,000 157,320 723,000 475,000 Selling expenses 183,000 28,500 Interest expense Total $1,320,600 $1,320,600 The following information is for accounts that may still need adjustment: