Presented below is information related to Novak Corp. for the year 2020. Net sales $1,664,000 Write-off of inventory due to obsolescence $102,400 Cost of goods sold 998,400 Depreciation expense omitted by accident in 2019 70,400 Selling expenses 83,200 Casualty loss 64,000 Administrative expenses 61,440 Cash dividends declared 57,600 Dividend revenue 25,600 Retained earnings at December 31, 2019 1,254,400 Interest revenue 8,960 Effective tax rate of 20% on all items