Exercise 4-7 (Part Level Submission) The accountant of Windsor 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 company's records as Rent revenue Interest expense Market appreclation 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% seling. 30% administrative) Cash dividends declared 30,900 19,900 32,900 116,700 19,500 39,300 37,800 53,600 497,900 981,900 66,900 17,900 There were 21,950 shares of common stock outstanding during the year