The accountant for Concord Merchants Inc. is approaching the completion of the last few adjusting entries for the fiscal year ended December 31, 2024. Some items remain outstanding and a few calculations need to be made before the financial statements can be prepared. Concord Merchants reports income in a single statement of comprehensive income. The following is a partial list of the general ledger account balances. Cash Dividends - Preferred $1,800 Interest expense 2,130 Cost of goods sold 234,500 Retained earnings Jan. 1 203,000 Cash dividends - common 4,500 Rent revenue 1,600 Sales 391,200 Interest revenue 940 Operating expenses 59,170