Brief Exercise 4-12 Culver Corporation had net sales revenue of $7,897,500 and investment revenue of $306,450 for the year ended December 31, 2017. Other items pertaining to 2017 were as follows: Cost of merchandise sold $6,223,500 Salaries and wages 496,800 Advertising and promotion 170,100 Entertainment 105,300 Selling expenses 772,200 Salaries and wages 405,000 Rent 136,350 Utilities 59,400 Administrative expenses 600,750 Increase in value of company reputation 99,900 Unrealized gain on value of patents 48,600 Interest expense 216,000 Income tax expense 111,300 Culver has 100,000 common shares outstanding throughout the year. Culver Corporation Income Statement +A FA