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 $1,219,000 50,400 126,000 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.