The financial records of Martinez Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept the following statistical data related to the income statement: 1 2 2. 3. 4 The beginning merchandise inventory was $84,000 and it decreased by 20% during the current year. There were 10,000 common shares outstanding for the entire year. Interest expense was $24.000. The income tax rate was 30%. Cost of goods sold amounted to $400,000 Administrative expenses were 20% of cost of goods sold but only 5% of gross sales. Selling expenses were four fifths of cost of goods sold. 5 6. 7 Martinez Inc. Income Statement