Exercise 4-07a-b The accountant of Swifty 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 $30,200 Interest expense 19,200 Market aporedation on fand above cost 32,200 Salaries and wages expense (selling) 116,000 Supolis expense Coelling) 18,800 Income tax 24,300 Salaries and wages expense administrative) 137.100 Other administrative expenses 52,000 Cost of goods sold 497,200 Net Sales 981,200 Depreciation on plant assets (70% seling, 30% administrative) 66,200 Cash dividends dedared 17,200 There were 20,000 shares of common stock outstanding during the year. Income Statement For the Year Ended December 31, 2020 Net Sales 981,200 Cost of Goods Sold 497,200 Gross Pront /(Loss) 484,000 Operating Expenses Selling Expenses Salaries and Wages Ex 116,000 Supplies Expenses 18,800 Depreciation Expense 860 Total Administrative Expenses Income From Operations V Income Tax Expuns Income Before Income Tax V Tour Tak Expense Net Incarnets v Earring Per Star SWIFTY SHOE CO. Income Statement > $