The following data was taken from the books as at December 31 of Pharoah Inc.: {:[" Cash ",$13","800," Common shares ",$15","000],[" Income tax expense ",4","900," Cost of goods sold ",59","400],[" Sales revenue ",108","300," Retained earnings (as of January 1) ",80","000],[" Inventory ",32","500," Bank loan payable ",51","650],[" Accounts payable ",33","650," Equipment ",120","000],[" Operating expenses ",37","200," Dividends paid ",4","550],[" Interest expense ",3","100," Accounts receivable ",11","850],[" Prepaid expenses ",1","300,]:}