The following balances were taken from the books of Novak ASA on December 31, 2022. Interest revenue 110,080 Accumulated depreciation-equipment 51,200 Cash 65,280 Accumulated depreciation-buildings 35,840 Sales revenue 1,638,400 Notes receivable 198,400 Accounts receivable 192,000 Selling expenses 248,320 Prepaid insurance 25,600 Accounts payable 217,600 Sales returns and allowances 192,000 Bonds payable 128,000 Allowance for doubtful accounts 8,960 Administrative and general expenses 124,160 Sales discounts 57,600 Accrued liabilities i 40,960 Land 128,000 Interest expense 76,800 Equipment 256,000 Notes payable 128,000 Buildings 179,200 Loss from impairment of plant assets 153,600 Cost of goods sold 794,880 Share capital-ordinary 640,000 Retained earnings 26,880 Assume the total effective tax rate on all items is 34%