Your Answer Correct Answer (Used) Prepare an updated December 31, 2020, trial balance. Sunland Company Trial Balance December 31, 2020 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Debit Credit $ 10,500 $ 41,900 8,600 516 33,100 Prepaid Insurance 1,300 Land Buildings Equipment Patents 21,300 141,000 74,900 9,360 Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable 9,360 4,200 50,500 35,142 27,200 Salaries and Wages Payable 2,200 Unearned Rent Revenue Notes Payable Interest Payable Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue 12,500 4,200 48,000 4,320 51,000 53,300 906,400 516 Dividends Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold 12,500 3,700 636,400 Depreciation Expense 16,192 Insurance Expense Interest Expense 2,600 4,320 Other Operating Expenses 61,400 Amortization Expense 1,040 Salaries and Wages Expense 109,200 Total 906,400 516 2,100 750 1,189,828 $ 1,189,828 Prepare a 2020 income statement. Sunland Company Income Statement For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Total Revenues Operating Expenses Depreciation Expense $ 16,192 Insurance Expense Interest Expense 2,600 4,320 Other Operating Expenses 61,400 Amortization Expense Salaries and Wages Expense Other Expenses and Losses Total Operating Expenses 1,040 109,200 906,400 636,400 3,700 Other Operating Expenses Amortization Expense Salaries and Wages Expense Other Expenses and Losses Total Operating Expenses Income From Operations Rent Revenue 61,400 1,040 109,200 $ 3,700