Exercise 4-7 (Part Level Submission) The accountant of Grouper 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, 2017 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 $31,200 20,200 33,200 117,000 19,800 39,600 138,100 53,900 498,200 982,200 67,200 18,200 There were 21,280 shares of common stock outstanding during the year