These financial statement items are for Cullumber Corporation at year end, July 31, 2021: Operating expenses $32,500 Interest payable $1,800 Salaries expense 49,200 Supplies expense 1,500 Deferred revenue 12,000 Dividends declared 15,000 Utilities expense 2,800 Depreciation expense 3,600 Equipment 48,200 Retained earnings, August 1, 2020 17,940 Accounts payable 4,720 Rent expense 12,000 Service revenue 112,600 Income tax expense 6,000 Rent revenue 18,500 Supplies 2,500 Common shares 25,500 Trading investments 25,000 Cash 5,760 Bank loan payable (due December 31, 2021) 26,800 Accounts receivable 20,100 Interest expense 1,700 Accumulated depreciation-equipment 6,000 Additional information: Cullumber started the year with $19,000 of common shares and issued additional shares for $6,500 during the year.