V8. Net income: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The business t 41,855 count balances for Palisade Creek as of May 1, 2018 (unless otherwise indicated), are as follons 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation- $ 83,600 312 Dividends 135,000 313 Income Summary 410 Sales 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 233,900 624,400 28,000 16,800 11,400 569,500 5,069,000 2823,000 664,800 281,000 Store Supplies Expense 56,700 529 Miscellaneous Selling Expense 12,600 96,600530 Office Salaries Expense Store Equipment 382,100 83,700 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earning:s -531 Rent Expense 50,000 532 Insurance Expense 100,000539 Miscellaneous Administrative 585,300 7800 the following transactions were completed 3. Purchased merchandise on account from Martin Co, terms 2/10,n/30, FOB shipping point $3600 Expense During May, the last month of the fiscal year, May 1. Paid rent for May, $5,000