The accountant of Windsor 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, 2025. Rent revenue $30,700 Interest expense 19,700 Market appreciation on land above cost 32,700 Salaries and wages expense (selling) 116,500 Supplies (selling) 19,300 Income tax 24,800 Salaries and wages expense (administrative) 137,600 Other administrative expenses 53,400 Cost of goods sold 497,700 Net sales 981,700 Depreciation on plant assets (70% selling, 30% administrative) 66,700 Cash dividends declared 17,700 There were 20,000 shares of common stock outstanding during the year.