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Exercise $7-21($Static$)$ Complete the accounting cycle using long$-$term asset transactions $($LO$7-4,7-7)$

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

$\backslash$table$[[$Accounts$,$Debit,Credit$],[$Cash$,$$$58,700,],[$Accounts Receivable,$25,000,],[$Alloance for Uncollectible Accounts,$36,300,],[$Inventory$,12,000,],[$Notes Receivable $(58,$ due in $2$ years$),155,000,],[$Land$,,14,800],[$Accounts Payable,,$220,000],[$Connon Stock,,$50,000],[$Retained Earnings,$$287,000,$$$287,000$