The accountant of Metlock 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 $30,900 Interest expense 19,900 Market appreciation on land above cost 32,900 Salaries and wages expense (selling) 116,700 Supplies expense (selling) 19,500 Income tax 25,000 Salaries and wages expense (administrative) 137,800 Other administrative expenses 53,600 Cost of goods sold 497,900 Net sales 981,900 Depreciation on plant assets (70% selling, 30% administrative) 66,900 Cash dividends declared 17,900 There were 20,000 shares of common stock outstanding during the year.