These financial statement items are for Sandhill Corporation at year end, July 31, 2024: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent income Common shares Cash Accounts receivable Accumulated depreciation-equipment Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2023 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2024) Interest expense $31,500 48,700 11,500 2,500 57,080 4,320 113,600 18,000 27,000 4,860 21,600 6,400 1,200 1,000 11,500 2,760 17,940 12,000 5,800 2,200 20,500 24,800 2,760 Additional information: Sandhill started the year with $15,000 of common shares and issued additional shares for $12,000 during the year