WEEKLY ASSIGNMENT 1 Question 10 Ivanhoe Grove Hardware has the following balances in the company ledgers for the year ending December 31 Mortgage Payable $75,500 Interest Expense $5.100 Prepaid Insurance $4,200 Land $22.100 Short-term investments $9,200 Office salaries $66.500 Common Shares $10,400 Sales Salaries $101.300 Cash $2.200 Supplies expense $21,000 Advertising $50,900 Insurance expense $9.600 Accounts Receivable $14,900 Depreciation expense $18.300 Sales revenue $601,600 Income tax expense $14,600 Accounts Payable $15.200 Dividend Payments $9.000 Buildings (Net) $100,800 Interest Income $12.500 Cost of Goods Sold $297,900 Inventory $18.100 Note Payable (due in 9 months) $9,400 Retained Earnings (Beg Bal-Jan 1)) $41.100