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On January $1,2024,$ the general ledger of Big Blast Fireworks includes the following account balances:

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AccountsDebitCreditCash$$24,900$Accounts Receivable$44,000$Allowance for Uncollectible Accounts$$$$3,300$Inventory$45,000$Land$84,100$Accounts Payable$27,700$Notes Payable $(8\%,$ due in $3$ years$)45,000$Common Stock$71,000$Retained Earnings$51,000$Totals$$198,000$$$198,000$

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The $$45,000$ beginning balance of inventory consists of $450$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

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January $3$Purchase $1,350$ units for $$145,800$ on account $($$$108$ each$).$January $8$Purchase $1,450$ units for $$163,850$ on account $($$$113$ each$).$January $12$Purchase $1,550$ units for $$182,900$ on account $($$$118$ each$).$January $15$Return $175$ of the units purchased on January $12$ because of defects.January $19$Sell $4,500$ units on account for $$675,000$ The cost of the units sold is determined using a FIFO perpetual inventory system.January $22$Receive $$661,000$ from customers on accounts receivable.January $24$Pay $$440,000$ to inventory suppliers on accounts payable.January $27$Write off accounts receivable as uncollectible, $$2,400.$January $31$Pay cash for salaries during January, $$134,000.$

The following information is available on January $31,2024.$

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At the end of January, the company estimates that the remaining units of inventory purchased on January $12$ are expected to sell in February for only $$100$ each. $[$Hint: Determine the number of units remaining from January $12$ after subtracting the units returned on January $15$ and the units assumed sold $($FIFO$)$ on January $19.]$

The company records an adjusting entry for $$3,255.$ for estimated future uncollectible accounts.

The company accrues interest on notes payable for January. Interest is expected to be paid each December $31.$

The company accrues income taxes at the end of January of $$13,800.$

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