Question 5 The accountant of Pearl Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) . Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets ( 70% selling, 30% administrative) Cash dividends declared $30,100 19,100 32,100 115,900 18,700 38,500 137,000 52,800 497,100 981,100 66,100 17,100 There were 21,270 shares of common stock outstanding during the year