Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2014 an analysis of the accounts and discussions with company officials revealed the following information:

Sales revenue		$1,222,510
Earthquake loss (net of tax) (extraordinary item)		56,280
Selling expenses		126,330
Cash		58,340
Accounts receivable		89,430
Common stock		200,000
Cost of goods sold		696,680
Accumulated depreciation-machinery		183,892
Dividend revenue		8,480
Unearned service revenue		4,480
Interest payable		1,120
Land		379,940
Patents		106,970
Retained earnings, January 1, 2014		280,518
Interest expense		16,680
Administrative expenses		166,900
Dividends declared		26,890
Allowance for doubtful accounts		4,650
Notes payable (maturity 7/1/17)		193,690
Machinery		459,730
Materials		39,820
Accounts payable		57,330

The amount of income taxes applicable to ordinary income was $67,320, excluding the tax effect of the earthquake loss which amounted to $24,120.

Porter Corporation INCOME STATEMENT For the Year Ended December 31, 2014

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