Trevor Company's balance sheet for December 31, 20X0 is as follows: Cash Accounts Receivable Interest Receivable Inventory Notes Receivable (long term) Equipment, at cost Accumulated depreciation, Equipment Equipment, net Total assets Accounts payable Wages payable Unearned sales revenue Paid-in-capital Retained income Total liabilities and stockholder's equity 100 200 25 150 500 400 150 The following summarized transactions occurred during 20X1: a. Purchased merchandise inventory on credit, $700. b. Delivered merchandise to customers who had paid in advance as of December 31, 20X0. c. Sales of merchandise (all on credit and excluding transaction b) during 20X1 were $3,000. d. The cost of merchandise sold (including that in transaction b) during 20X1 was $900. e. Collection from credit customers was $2,500. 250 $1,225 140 20 40 600 425 $1,225 f. Interest on notes receivable of 12% per annum was collected each August 1. g. Cash payment to suppliers, $800 (see item: a) h. Cash payment for wages during 20X1 was $250. i. New equipment was purchased on December 10 for $300 in cash. j. Cash dividend of $50 was declared on December 20, 20X1. The payment date of dividends was January 10, 20X2. The following adjustments were made on December 31, 20X1: k. Accrual of interest receivable (to be computed, see item f). 1. Depreciation for 20X1, $100