Exercise 4-07 a-b (Part Level Submission) The accountant of Oriole Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold $31,900 20,900 33,900 117,700 20,500 26,000 138,800 54,600 498,900 982,900 67,900 18,900 Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared There were 20,000 shares of common stock outstanding during the year.