Question 14 Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable $1,204,000 65,000 128,400. 59,200 90,700 Common stock 200,000 Cost of goods sold 698,000 Accumulated depreciation-machinery 184,000 Dividend revenue 7,100 Unearned service revenue 4,400 Interest payable 1,400 Land 362,000 Patents 106,000 Retained earnings, January 1, 2020 304,080 Interest expense 15,300 Administrative expenses 171,000 Dividends declared 22,200 Allowance for doubtful accounts 5.300 Notes payable (maturity 7/1/23) 104,000 Machinery 460,000 Materials 39,000 Accounts payable 64,400