Presented below are selected ledger accounts of Woods Corporation at December 31, 2012. Cash $185,000 Sales salaries $291,500 Merchandise inventory 539,500 Office salaries 355,800 Sales 4,298,200 Purchase returns 15,000 Advances from customers 117,000 Sales returns 79,000 Purchases 2,786,000 Transportation-in 72,000 Sales discounts 34,000 Accounts receivable 142,500 Purchase discounts 27,000 Sales commissions 83,000 Travel and entertainment 69,000 Telephone-sales 17,000 Accounting and legal services 33,000 Utilities-office 32,000 Insurance expense-office 24,000 Miscellaneous office expenses 8,000 Advertising 54,000 Rental revenue 240,000 Transportation-out 93,000 Extraordinary loss (before tax) 70,000 Depreciation of office equipment 48,000 Interest expense 176,000 Depreciation of sales equipment 36,000 Common stock ($10 par) 900,000