Problem 4-4 The following account balances were included in the trial balance of Metlock Corporation at June 30, 2017. 5 Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) 1,592,670 Depreciation expense (office furniture and equipment) 1,900 Property tax expense 99,200 Bad debt expense (selling) 57,010 Maintenance and repairs expense (administration) 8,990 Office expense 1,000 Sales returns and allowances 23,270 Dividends received 4,950 Interest expense 9,140 Income tax expense $7,151 7,099 5,263 8,803 5,560 68,004 41,490 16,770 108,670 5,013 Depreciation understatement due to error-2014 (net of tax) 18,834 9,140 40,580 6,043 Dividends declared on preferred stock ,798Dividends declared on common stock 3,206 2,954 Office supplies used Telephone and Internet expense (administration) The Retained Earnings account had a balance of $337,480 at July 1, 2016. There are 87,000 shares of common stock outstanding