Exercise 5-8

In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data.

Salaries and wages expenses

$697,500

Loss on disposal of plant assets

$125,250Cost of goods sold

1,480,500

Sales revenue

3,315,000Interest expense

106,500

Income tax expense

37,500Interest revenue

97,500

Sales discounts

240,000Depreciation expense

465,000

Utilities expense

165,000