The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year Cash $ 5,960 Accounts receivable 17, 180 Allowance for doubtful accounts $ 1,960 Inventory 23,900 Accounts payable 10,530 Common stock 18 , 600 Retained earnings 15,950 Transactions for Year 2 1. Acquired an additional $11,400 cash from the issue of common stock. 2. Purchased $58,800 of inventory on account 3. Sold inventory that cost $61,400 for $95,200. Sales were made on account. 4. The company wrote off $960 of uncollectible accounts. 5. On September 1, LGS loaned $9,000 to Eden Co. The note had an 7 percent interest rate and a one-year term. 6. Paid $15,530 cash for operating expenses 7. The company collected $75,030 cash from accounts receivable. 8. A cash payment of $52,080 was paid on accounts payable. 9. The company paid a $5,300 cash dividend to the stockholders 10. Uncollectible accounts are estimated to be 1 percent of sales on account 11. Recorded the accrued interest at December 31, Year 2 (see item 5)