The following account balances are provided for Post Modern Consulting, Inc. The results are for the month ending July 31, 2018 Cash Accounts receivable Investments Supplies Prepaid expenses Equipment Accumulated depreciation Accounts payable Interest payable Unearned revenue Bank loan (due June 30, 2020 Common stock Retained earnings Service revenue Parts and supplies expense Salaries expense Utilities expense Advertising expense Rent expense Interest revenue Loss on sale of investments $172,100 359,000 30,000 24,000 45,000 641,850 120,000 18,200 300 33,000 450,000 425,000 84,700 213,000 16,000 41,000 1,200 2,350 9,000 300 3,000 The following additional information is provided at July 31, 2018 1) Prepaid insurance of $45,000 expires in five months. 2) Depreciation expense for the month was $16,050 3) Unbilled service revenue at 7/31/18 totaled $14,600 4) Gift cards with remaining balances of $2,300 expired on 7/31/18 5) A physical count showed S15,000 of parts and supplies on hand at 7/31/1:8 6) $7,250 of salaries earned from July 24-31 will be paid in August. 7) The interest rate on the bank loan is 4% 8) Received a July electricity bill of $450 on August 3 9) The investment is a certificate of deposit (CD) with an interest rate of 2%. Interest is added to the investment balance 10) Company purchases long-term disability insurance for its employees. The monthly premium is .25% of salaries expense and is payable quarterly 1 1) The income tax rate is 21%