Exercise 5-8 (Part Level Submission)

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

Salaries and wages expenses		$581,250		Loss on disposal of plant assets		$ 104,375
Cost of goods sold		1,233,750		Sales revenue		2,762,500
Interest expense		88,750		Income tax expense		31,250
Interest revenue		81,250		Sales discounts		200,000
Depreciation expense		387,500		Utilities expense		137,500