In its income statement for the year ended December 31, 2017, Pharoah Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense 154,475 4,088,500 46,250 296,000 203,500 $860,250 Loss on disposal of plant assets 1,825,950 Sales revenue 131,350 120,250 573,500 Income tax expense Sales discounts Utilities expense