Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2013: Cash receipts: $690,000 From customers Interest on note 4,240 Loan from a local bank 5,000 Total cash receipts $809,240 Cash disbursements: Purchase of merchandise $393,000 Annual insurance payment 6,360 Payment of salaries 213,000 Dividends paid to shareholders 0,000 Annual rent payment 25,500 $647,860 Total cash disbursements Selected balance sheet information: 2/31/12 2/31/13 Cash 26,500 $187,880 63,500 95,000 Accounts receivable 83,000 63,500 Inventory Prepaid insurance 2,800 Prepaid rent 1,300 3,180 Interest receivable 53,000 53,000 Note receivable 115,000 115,000 Equipment Accumulated depreciation-equipment 41,500 53,000 Accounts payable (for merchandise) 111,500 25,000 20,300 24,600 0 115,000 Salaries payable Note payable Interest payable Additional information 1.On March 31, 2012, Zambrano lent a customer $53,000. Interest at 8% is payable annually on each March 31. Principal is due in 2016. 2.The annual insurance payment is made in advance on April 30. The policy period begins on May 1. 3. On October 31, 2013, Zambrano borrowed $115,000 from a local bank. Principal and interest at 6% are due on October 31, 2014. 4. Annual rent on the companys facilities is paid in advance on June 30. The rental period begins on July 1. Required