The current assets and current liabilities sections of the balance sheet of Sheridan Company appear as follows. SHERIDAN COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020

Cash $ 48,600

Accounts receivable $95,200

Less: Allowance for doubtful accounts 8,060 87,140

Inventory 167,370

Prepaid expenses 8,130

$311,240

Accounts payable		$ 65,590
Notes Payable		$ 73440

The following errors in the corporations accounting have been discovered:

1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $43,900, on which a cash discount of 2% was taken.

2. The inventory included $29,940 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,460 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30.

3. Sales for the first four days in January 2021 in the amount of $30,260 were entered in the sales journal as of December 31, 2020. Of these, $20,000 were sales on account and the remainder were cash sales.

4. Cash, not including cash sales, collected in January 2021 and entered as of December 31, 2020, totaled $35,520. Of this amount, $23,520 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

Please show detailed computation