Required information [The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy construction equipment. There are 10,500 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2014: Account Titles Cash Debit $ 34,700 Credit Accounts receivable (net) 16,000 Inventory, ending 53,900 Operational assets 41,700 Accumulated depreciation $ 18,600 Liabilities 25,800 Capital stock Retained earnings, January 1, 2014 Sales revenue Sales returns and allowances 73,000 20,580 147,600 7,200 Cost of goods sold 79,600 Selling expense 15,900 Administrative expense 17,400 Bad debt expense 2,200 Sales discounts 7,900 Income tax expense 9,080 285,580 Totals $285,580