The post-closing trial balance for Wilson Corp., a retailer, at December 31 of Year 1 follows. The following transactions occurred during Year 2 in the order shown (use the number at the left in place of a date). Acct. No. 101 Cash Account Debit Credit $70,200 102 Accounts receivable 54,600 103 Allowance for doubtful accounts $2,600 104 Inventory (perpetual inventory system) 91,000 105 Prepaid Insurance (20 months remaining) 2,340 200 Equipment (20-year estimated life, no residual value) 130,000 201 Accumulated depreciation-Equipment 58,500 300 Accounts payable 19,500 301 Salaries payable 302 Income taxes payable (for Year 1) 400 Common stock, par $1 401 Retained earnings 600 Cost of goods sold 601 Operating expenses 602 Income tax expense 700 Income summary Totals 10,400 208,000 49,140 $348,140 $348,140