The following information was taken from the records of Presley Inc for the year 2014 Gainother due to expropriation96000Cash dividends declared70000 Loss from operation of discontinued Ace Division73000Retained earnings January 1 2014570000 Administrative expenses230000Cost of goods sold860000 Rent revenue20000Selling expenses285000 Lossother due to flood60000Sales revenue2100000 The following additional information was also available income tax applicable to income from continuing operations 1