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The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 12,700 27,700 5,300 18,400 9,560 4,200 1,900 23,700 93,100 4,700 Income tax payable 4,800 Insurance expense 3,400 Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense 2,900 6,300 19,340 47,950 3,050 500 3,800 2,400 During the year ended February 28, 2021, common shares were issued for $5,000. The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 12,700 27,700 5,300 18,400 9,560 4,200 1,900 23,700 93,100 4,700 Income tax payable 4,800 Insurance expense 3,400 Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense 2,900 6,300 19,340 47,950 3,050 500 3,800 2,400 During the year ended February 28, 2021, common shares were issued for $5,000.

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