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		$1,219,000
Discontinued operations loss (net of tax)		50,400
Selling expenses		126,000
Cash		60,700
Accounts receivable		92,000
Common stock		200,000
Cost of goods sold		699,400
Accumulated depreciation-machinery		183,200
Dividend revenue		8,500
Unearned service revenue		4,000
Interest payable		1,600
Land		373,000
Patents		106,000
Retained earnings, January 1, 2020		255,480
Interest expense		18,300
Administrative expenses		166,400
Dividends declared		24,000
Allowance for doubtful accounts		5,200
Notes payable (maturity 7/1/23)		214,000
Machinery		458,000
Materials		39,200
Accounts payable		57,200

The amount of income taxes was $65,220, excluding the tax effect of the discontinued operations loss which amounted to $21,600.