View Policies Current Attempt In Progress Sheridan Corporation's capital structure consists of 16,100 common shares. At December 31, 2023, an analysis of the accounts and discussions with company officials revealed the following information: Sales Revenue Purchase Discounts Purchases Loss on Flood Damage (net of $16,560 tax) Selling and Administrative Expenses Cash Accounts Receivable Common Shares Accumulated Depreciation Dividend Revenue $1,104,000 16,560 662,400 38,640 264,960 55,200 62,600 161,000 165,600 16,560 Inventory, January 1, 2023 139,840 Inventory, December 31, 2023 115,000 Unearned Revenue 4,048 Interest Payable 920 Land 340,400 Patents 92,000 Retained Earnings, January 1, 2023 246,400 Interest Expense 15,640 Cumulative effect of change from straight-line to accelerated depreciation [net of $13,500 tax) 32,200 Dividends 26,660 Prepaid Insurance 4,600 Notes Payable (maturity July 1, 2026) 161,000 Machinery 414,000 Supplies 36,600 Accounts Payable 55,200 Unless indicated otherwise, you may assume a 30% income tax rate.