Cullumber Corporation's capital structure consists of $50,000$ shares of common stock. At December $31,2020$ an analysis of the

accounts and discussions with company officials revealed the following information:

Sales revenue

Discontinued operations loss $($net of tax$)$

Selling expenses

Cash

Accounts receivable

Common stock

Cost of goods sold

Accumulated depreciation$-$machinery

Dividend revenue

Unearned service revenue

Interest payable

Land

Patents

Retained earnings, January $1,2020$

Interest expense

Administrative exnenses

Administrative exnences

$$1,204,000$

$65,800$

$128,400$

$59,200$

$90,700$

$200,000$

$698,000$

$184,000$

$7,100$

$4,400$

$1,400$

$362,000$

$106,000$

$304,080$

$15,300$

$171000$

$171000$Question $1$ of $9$

$\frac{-}{{33}^{\text{v}\text{d}\text{o}\text{t}\text{s}}}-=,$vdots

The amount of income taxes applicable to income was $$59,520,$ excluding the tax effect of the discontinued operations loss which

amounted to $$28,200.$