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Below is Sloane Company's income statement for 2017 that was prepared by an inexperienced accountant. Sloane Company As of December 31, 2017 $290,550 Sales revene 4,000 2,700 Interest payable 1,500 18.000 $318,750 ....7.200 9,200 42,000 Factory equipment....50,000 Direct materials purchased....95,000 Indirect manufacturing labor cost. Utilities expense. 4,550 Rent expense27,000 Selling expenses 38,000 Other factory indirect costs.. Administrative expenses. Interest expense Short-term investment 4,000 Dividend paid1,500 ..34,400 Research and development expense..5,000 ..1,200 4,000 insurance 8,000 Total operating expenses. 1150 1Net operating loss