The accountant of Latifa Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2014.
| Rent revenue | $30,900 | |
| Interest expense | 19,900 | |
| Market appreciation on land above cost | 32,900 | |
| Salaries and wages expense (selling) | 116,700 | |
| Supplies expense (selling) | 19,500 | |
| Income tax | 39,300 | |
| Salaries and wages expense (administrative) | 137,800 | |
| Other administrative expenses | 53,600 | |
| Cost of goods sold | 497,900 | |
| Net sales | 981,900 | |
| Depreciation on plant assets (70% selling, 30% administrative) | 66,900 | |
| Cash dividends declared | 17,900 |
There were 19,700 shares of common stock outstanding during the year.