Duke Companys records show the following account balances at December 31, 2016:

Duke Company's records show the following account balances at December 31, 2016 15,000,000 Sales 9,000,000 Cost of goods sold 1,000,000 General and administrative expenses 500,000 Selling expenses 700,000 Interest expense Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings 2. Inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2015 was understated by $50,000 due to a mathematical error 4. The company experienced a foreign currency translation adjustment loss of $200,000 and had unrealized gains on investments of $180,000