Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 194,000 shares of $4-par-value common stock for $776,000 in cash. Borrowed $530,000 from Oglesby National Bank and signed a 11% note due in three years. Incurred and paid $380,000 in salaries for the year. Purchased $710,000 of merchandise inventory on account during the year. Sold inventory costing $580,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. Purchased $170,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $118,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $34,000 during the year. Collected $855,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $58,300 of interest on the note due to Oglesby National Bank. At year-end, accrued $20,000 of past-due December rent on the sales facilities.