Company uses the periodic inventory system and has the following income and expenses accounts for the year ended December 31, 2016 Beginning inventory 290,000 Ending inventory 120,000 Sales 760,000 Sales returns 10,000 Sales discount 19,000 Purchases 210,000 Purchase returns 12,000 Freight in 5,000 Purchase discounts 10,000 Selling expenses 40,000 Administrative expenses 60,000 other comprehensive income:Unrealized gain on investment in equity instrument 14,000