Exercise 4-07 a-b The accountant of Novak 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 Net sales $32,400 21,400 34,400 118,200 21,000 26,500 139,300 55,100 499,400 983,400 Depreciation on plant assets (70% selling, 30% administrative) 68,400 Cash dividends declared 19,400 There were 20,000 shares of common stock outstanding during the year.