Question 17 (5 points) Madison Inc. started operations in 2001. As of December 31, 2020, Madison had 10,000 shares of no-par common stock authorized issued and outstanding. The December 31, 2020, adjusted trial balance for Madison is presented below: Debit Credit Cash $7,000 Accounts receivable 26,000 Inventory 11,000 Goodwill 12,000 Equipment 64,000 Accounts payable $14,000 Accumulated depreciation - equipment 20,000 Allowance for uncollectible accounts 2,000 Bonds payable, due in 2024 24,000 Notes payable, due in 2021 12,000 Interest payable (paid semi-annually) 2,000 Common stock 20,000 Retained earnings 12,000 62,000 Sales revenue Costs of goods sold 20,000 Salaries expense 18,000 Depreciation expense 6,000