The accountant of Sunland 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 $31,200 Interest expense 20,200 Market appreciation on land above cost 33,200 Salaries and wages expense (selling) 117,000 Supplies expense (selling) 19,800 Income tax Salaries and wages expense (administrative) 25,300 138,100 Other administrative expenses 53,900 Cost of goods sold 498,200 Net sales 982,200 Depreciation on plant assets (70% selling, 30% administrative) 67,200 Cash dividends declared 18,200 There were 20,000 shares of common stock outstanding during the year.