Swifty Corporation's unadjusted trial balance at December 1,2022 , is presented below. Accounts Payable 51,324 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 20,680 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2028) Common Stock Retained Earnings 119,568 Dividends 22,560 Sales Revenue 1,692,000 Interest Revenue 0 Gain on Disposal of Plant Assets Bad Debt Expense 0 Cost of Goods Sold 1,184,400 Depreciation Expense Income Tax Expense Insurance Expense Interest Expense The following transactions occurred during December. Dec. Purchased equipment for $30,080, plus sales taxes of $1,504 (paid in cash). 2 2 Swifty sold for $6,580 equipment which originally cost $9,400. Accumulated depreciation on this equipment at January 1 , 2022. was $3,384;2022 depreciation prior to the sale of equipment was $1,551. 15 Swifty sold for $9,400 on account inventory that cost $6.580. 23 Salaries and wages of $12,408 were paid. Adjustment data: 1. Swifty estimates that uncollectible accounts receivable at year-end are $7,520. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $6,768,6-month premium on September 1,2022. Adjustment data: 1. Swifty estimates that uncollectible accounts receivable at year-end are $7,520. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $6,768,6-month premium on September 1, 2022. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $56,400. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2,2022 , is being depreciated using the straight-line method over 5 years, with a salvage value of $3,384. 7. The patent was acquired on January 1,2022 , and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31,2022 , total $4,136. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $28,200. It was unpaid at December 31 . Account Titles and Explanation Debit Credit Equipment Dec. 2 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on equipment.) Cash' Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment.) Dec. 15 : Accounts Recelvable Dec, 15 Accounts Reccivable (To record sales revenue.) Cost of Goods Sold Inventory (Torecord cost of goods sold) Dec. 23 Salaries and Wages Expense Dec. 31 1. Bad Debt Expense 7025 Allowance for Doubtful Accounts 2. Interest Receivable Prepaid Insurance 3. Interest Expense Prepaid insurance 4. Depreciation Expense: Accumulated Depreciation-Buildings 5. Depreciation Expense Accumulated Depreciation-Equipment 6. Depreciation Expense Accumulated Depreciation-Equipment 7. Amortization Expense Patents 8. Salaries and Wages Expense Salaries and Wages Payable 9. Interest Expense Interest Payable Patents 8. Salaries and Woges Expense Sahries and Wages Payable 9. Interest Expense Interest Payable 10. Income Tax Expense Income Taces Payable