Del Mar Corporation (EIN 33-1234567) was formed and began operations on January 1, 2021. The corporate address is 463 E. Pershing Blvd. Cheyenne, WY  82001. Del Mar uses the accrual basis of accounting. The corporation’s 12/31/2021 trial balance is presented below.

Additional pertinent facts include the following.

• Investment income is dividends received from a 10% owned domestic corporation.

• Wages include $75,000 of compensation to Marion Ore, CEO and 100% owner of Del Mar Corp. Her Social Security number is 456-78-0123. She devotes 100% of her time to Del Mar.

• Book depreciation was recorded to match tax depreciation. 

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Account Name Cash in checking Accounts receivable GAAP reserve for bad debts Inventory (at cost) Investments Organization expense Equipment Accumulated depreciation-equipment Land Other intangible assets Accounts payable Accrued income taxes Accrued interest Notes payable Common stock Additional paid-in capital Retained earnings Revenues Sales returns and allowances Investment income Gain (loss) on sale of assets Purchase returns and allowances Cost of goods sold General Ledger Account Balance Debit $ 25,000 20,000 87,000 1,000 -0- 90,000 -0- 4,000 -0- -0- 105,000 Credit $ 7,000 10,000 14,000 (910) 3,400 85,000 80,000 -0- -0- 260,000 20,000 -0- -0-