Additional information: The effective tax rate is 40%. Depreciation expense: 60% administrative expense and 40% selling expense Salaries and wages expense: 30% administration expense and 70% selling expense Rent expense: 85% administration expense and 15% selling expense The information below relates to the operations December 31, 2020: Cullumber Corporation, a private company following ASPE, for the year ended Cost of goods sold $348,000 Interest expense 2,110 Sales returns and allowances 8,730 Accounts payable 119,898 Sales discounts 3,892 Depreciation expense 284,360 Sales revenue 982,376 Salaries and wages expense 163,432 Prepaid expenses 3.730 Rent expense 40,300 Loss from fire 8.418 Rental revenue 23.706 Cullumber Corporation Income Statement For the year ended December 31, 2020 Sales Revenues Sales $ Add Rental Revenue $ Sales Discounts Operating Expenses $ Cost of Goods Sold A > > > A > > > > Other Expenses and Losses Income from Operations Sales Administrative Expenses Rent Expense Loss from Fire Income before Income Tax Income Tax Expense Net Income /(Loss) $