The trial balance for the year ended December 31, 20x5 for the Herman Corp. is as follows.

Comparative figures for 20x4 are also provided. Note that the accounts are listed in alphabetical order. The net income for the year ended December 31, 20x5 has yet to be closed out to retained earnings. The OCI gains and losses for the year have not yet been closed to their respective A*OCI accounts.

20x5 20x4 Dr. Cr. Dr. Cr. A*OCI - FVTOCI Investments 5,000 30,000 A*OCI - Revaluation Surplus 26,000 26,000 Accounts payable 483,000 550,000 Accounts receivable 315,000 290,000 Accumulated Depreciation - Buildings 395,000 360,000 Accumulated Depreciation - Equipment 57,000 70,000 Allowance for doubtful accounts 34,000 26,500 Buildings 1,250,000 950,000 Cash 88,000 56,000 Common Shares 1,200,000 1,200,000 Cost of Goods Sold 1,254,500 Deferred revenues 56,000 88,000 Depreciation expense - Building 35,000 Depreciation expense - Equipment 15,000 Equipment 215,000 190,000 FVTPL Investments 191,000 175,000 FVTOCI Investments 295,000 250,000 Income tax expense 255,500 Income taxes payable 1 1,000 26,000 Inventory 614,000 589,000 Land 721,000 525,000 Loss on sale of equipment 8,000 OCI - Gain on land revaluation 70,000 OCI - Loss on FVTOCI Investments 65,000 Operating expenses 875,000 Prepaid expenses 9,800 14,500 Retained Earnings 608,000 663,000 Revenue 3,261,800 $6,206,800 $6,206,800 $3,039,500 $3,039,500 Additional Information - WN - Accounts receivable of $15,000 were written off during the year. Equipment costing $65,000 was acquired during the year. One FVTOCI investment whose carrying value was $70,000 on December 31, 20x4 was sold for $80,000 during the year. The asset's original cost was $55,000. 4. The fair value losses on FVTPL investments amounted to $16,000 and are included in operating expenses