The following trial balance of B Corp. at December 31, 2007 has been properly adjusted except for the income tax expense adjustment.
B Corp.
Trial Balance
December 31, 2007
Dr. Cr.
Cash $ 775,000
Accounts receivable (net) 2,695,000
Inventory 2,085,000
Property, plant, and equipment (net) 7,366,000
Accounts payable and accrued liabilities $ 1,701,000
Income taxes payable 654,000
Deferred income tax liability 85,000
Common stock 2,350,000
Additional paid-in capital 3,680,000
Retained earnings, 1/1/04 3,450,000
Net sales and other revenues 13,360,000
Costs and expenses 11,180,000
Income tax expenses 1,179,000
$25,280,000 $25,280,000