Loss on discontinued operations 82,000 Retained earnings January 1, 2022 1,220,000 Rent revenue 96,000 Selling expenses 875,000 Income tax applicable to continuing operations 309,000 Income tax applicable to loss on discontinued operations 32,000 Administrative expenses 519,000 Cost of goods sold 1,638,000 Loss on write-down of inventory 42,000 Sales revenue 3,775,000 Gain on sale of equipment 37,000 Cash dividends declared 220,000 Unrealized gain on non-trading equity securities, net of tax 29,000 Interest expense 61,000 Selling Expenses 875,000 i Administrative Expenses 519,000 1394000 i Other Revenues and Gains Selling Expenses 875,000 Rent Revenue 96,000 Gain on the Sale of Equipment 37,000 1008000 1008000 Interest Expense 61,000 i Loss from Flood Damage 42000 Income before income tax 773000 Income tax 309,000 i Income from Continuing Operations 464000