Swifty Corporation's balance sheet at December $31,2024,$ is presented as follow.

During $2025,$ the following transactions occurred.

On January $1,$ Swifty issued $3,240$ shares of $$40$ par, $7\%$ preferred stock for $$132,840.$

On January $1,$ Swifty also issued $2,430$ shares of the $$10$ par value common stock for $$56,700.$

Swifty performed services for $$864,000$ on account.

On April $1,2025,$ Swifty collected fees of $$97,200$ in advance for services to be performed from April $1,2025,$ to March $31,$

Swifty collected $$745,200$ from customers on account.

Swifty bought $$94,770$ of supplies on account.

Swifty paid $$86,940$ on accounts payable.

Swifty reacquired $1,080$ shares of its common stock on June $1$ for $$28$ per share.

Paid other operating expenses of $$508,140.$

On December $31,2025,$ Swifty declared the annual cash dividend on preferred stock and a $$1\mathrm{.}20$ per share dividend on the

outstanding common stock, all payable on January $15,2026.$

An account receivable of $$4,590$ which originated in $2024$ is written off as uncollectible.

Adjustment data:

A count of supplies indicates that $$15,930$ of supplies remain unused at year$-$end.

Recorded revenue from item $4$ above.

The allowance for doubtful accounts should have a balance of $$9,450$ at year end.

Depreciation is recorded on the building on a straight$-$line basis based on a $30-$year life and a salvage value of $$27,000.$

The income tax rate is $30\%.($Hint: Prepare the income statement up to income before taxes and multiply by $30\%$ to compute

the amount.$)$