The Copeland Company was founded on January 1, 2016; since then, the company has been fairly successful; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative report of year-end account balances appears below; all numbers are as of December 31st unless noted otherwise. 2020 2019 Dividends 3,200 2,400 Retained earnings, Jan. 1 ? ? Revenues 485,906 424,629 Notes payable ? 19,200 Accounts payable 14,089 12,765 Selling and administrative expenses 16,246 15,492 Rent expense ? 102,713 Common stock 40,000 38,000 Payroll expense 358,416 300,246 Cash 14,542 16,489 Equipment 64,513 57,937 Retained earnings, Dec. 31 22,192 22,267 Supplies 1,214 890 Accounts receivable 18,612 ?