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ncome statement information forWhispering WindsTire Repair Corporation for the year 2020 follows: General and administrative expenses:Freight in $12,000 Salaries and wages expense$39,200 Purchase discounts 10,000

ncome statement information forWhispering WindsTire Repair Corporation for the year 2020 follows:

General and administrative expenses:Freight in

$12,000

Salaries and wages expense$39,200

Purchase discounts

10,000

Depreciation expensebuilding25,500

Dividend revenue

20,000

Office supplies expense9,500

Inventory (beginning)

118,000

Inventory (ending)

138,000

Sales returns and allowances

16,000

Loss from flood damage

45,000

Service expenses:Gain on the disposal of equipment

5,400

Salaries and wages

70,000

Purchases

590,000

Depreciation expensegarage equipment

19,400

Sales revenue

940,000

Garage supplies expense9,700

Interest expense

9,700

The effective tax rate on all income is31%, andWhispering Windsfollows ASPE.

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