The following post-closing trial balance was drawn from the accounts of Hardwood Timber Co. as of December 31, 2013: Transactions for 2014 1. Acquired an additional $20,000 cash from the issue of common stock. 2. Purchased $80,000 of inventory on account. 3. Sold Inventory that cost $61,000 for $98,000. Sales were made on account. 4. Wrote off $1, 500 of uncollectible accounts. 5. On September 1. Hardwood loaned $10,000 to Pine Co. The note had a 6 percent Interest rate year term. 6. Paid $24, 500 cash for salaries expense. 7. Collected $99,000 cash from accounts receivable. 8. Paid $78,000 cash on accounts payable. 9 Paid a $5,000 cash dividend to the stockholders. 10 Estimated uncollectible accounts expense to be 1 percentofsa.es on account 11. Recorded the accrued interest at December 31.2014. The following post-closing trial balance was drawn from the accounts of Hardwood Timber Co. as of December 31, 2013: Transactions for 2014 1. Acquired an additional $20,000 cash from the issue of common stock. 2. Purchased $80,000 of inventory on account. 3. Sold Inventory that cost $61,000 for $98,000. Sales were made on account. 4. Wrote off $1, 500 of uncollectible accounts. 5. On September 1. Hardwood loaned $10,000 to Pine Co. The note had a 6 percent Interest rate year term. 6. Paid $24, 500 cash for salaries expense. 7. Collected $99,000 cash from accounts receivable. 8. Paid $78,000 cash on accounts payable. 9 Paid a $5,000 cash dividend to the stockholders. 10 Estimated uncollectible accounts expense to be 1 percentofsa.es on account 11. Recorded the accrued interest at December 31.2014