he following account balances were included in the trial balance of Twain Corporation at June 30, 2017

Sales revenue $1,578,500Depreciation expense (officefurniture and equipment) $ 7,250

Sales discounts 31,150Bad debt expense (selling) 4,850

Cost of goods sold 896,770 Salaries and wages expense (sales) 56,260

Property tax expense 7,320 Sales commissions 97,600

Maintenance and repairs expense (administration) 9,130

Travel expense (salespersons) 28,930Offi ce expense 6,000

Entertainment expense 14,820 Sales returns and allowances 62,300

Telephone and Internet expense (sales) 9,030 Dividends received 38,000

Delivery expense 21,400 Depreciation expense (sales equipment) 4,980

Interest expense 18,000 Maintenance and repairs expense (sales) 6,200

Miscellaneous selling expenses 4,715 Depreciation understatement due to error2014 (net of tax) 17,700

Income tax expense 102,000 Offi ce supplies used 3,450

Dividends declared on preferred stock 9,000 Telephone and Internet expense(administration) 2,820

Dividends declared on common stock 37,000

The Retained Earnings account had a balance of $337,000 at July 1, 2016. There are 80,000 shares of common stock outstanding.