The accountant of Kingbird 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, 2020. Rent revenue $32,000 Interest expense 21.000 Market appreciation on land above cost 34,000 Salaries and wages expense (selling) 117,800 Supplies expense (selling) 20,600 Income tax 26,100 Salaries and wages expense (administrative) 138,900 Other administrative expenses 54,700 Cost of goods sold 499.000 Net sales 983,000 Depreciation on plant assets (70 % selling, 30% administrative) 68,000 Cash dividends declared 19,000 There were 20,000 shares of common stock outstanding during the year.