Exercise 4-07 a-b The accountant of Vaughn 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 Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $31,400 20,400 33,400 117,200 20,000 25,500 138,300 54,100 498,400 982,400 67,400 18,400 There were 20,000 shares of common stock outstanding during the year