The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Acct. No. Account Debit Credit 100 Cash $54,000 $ 104 Accounts receivable 105,000 105 Allowance for doubtful accounts 5,325 106 Inventory 120,000 108 Prepaid insurance 7,200 150 Land 17,175 155 Building 300,000 156 Equipment 90,000 162 Accumulated depreciation 18,750 202 Accounts payable 112,500 204 Salaries payable 6,750 208 Deferred service revenue 3,000 210 Interest payable 750 240 Note payable 225,000 302 Common stock 277,500 304 Retained earnings 18,000 310 Dividends 7,500 400 Sales revenue 750,000 402 Service revenue 37,500 510 Costs of goods sold 360,000 512 Salaries expense 345,000 520 Repair expense 3,000 526 Insurance expense 5,400 528 Depreciation expense 19,800 540 Interest expense 18,000 542 Bad debt expense 3,000 Totals $1,455,075 $1,455,075