Exercise 5-8 (Part Level Submission) INCOME STATEMENT

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

Salaries and wages expenses

$674,250

Loss on disposal of plant assets

$121,075Cost of goods sold

1,431,150

Sales revenue

3,204,500Interest expense

102,950

Income tax expense

36,250Interest revenue

94,250

Sales discounts

232,000Depreciation expense

449,500

Utilities expense

159,500