Use the following information for questions 35 through 37. T…
Use the following information for questions 35 through 37. The following trial balance of Reese Corp. at December 31, 2020 has been properly adjusted. Reese Corp.Trial BalanceDecember 31, 2020     Dr.  Cr.    Cash $     875,000    Accounts receivable (net) 2,695,000    Inventory 2,085,000    Property, plant, and equipment (net) 8,269,000    Accounts payable and accrued liabilities  $  1,761,000   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, 1/1/20  3,490,000   Net sales and other revenues   13,560,000   Costs and expenses 11,180,000    Income tax expense 476,000     $25,580,000 $25,580,000    Other financial data for the year ended December 31, 2020:  Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2022. During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%.  In Reese’s December 31, 2020 balance sheet: