These financial statement items are for Sheridan Corporation at year end, July 31, 2021: Operating expenses $32,500 Interest payable $1,300 Salaries expense 43,700 Supplies expense 1,000 Deferred revenue 12,000 Dividends declared 11,500 Utilities expense 3,200 Depreciation expense 4,000 Equipment 57,600 Retained earnings, August 1, 2020 21,440 Accounts payable 4,520 Rent expense 15,000 Service revenue 115,600 Income tax expense 5,200 Rent revenue 19,000 Supplies 2,500 Common shares 25,000 Trading investments 24,500 Cash 5,060 Bank loan payable (due December 31, 2021) 21,800 Accounts receivable 17,600 Interest expense 3,000 Accumulated depreciation-equipment 5,700 Additional information: Sheridan started the year with $17,000 of common shares and issued additional shares for $8,000 during the year.