The following is a partial trial balance for General Lighting Corporation as of December $31,2024$:

Account Title Debits Credits

Sales revenue $ $2,800,000$

Interest revenue $89,000$

Loss on sale of investments $ $27,000$

Cost of goods sold $1,280,000$

Loss on inventory write$-$down $($obsolescence$)290,000$

Selling expense $390,000$

General and administrative expense $195,000$

Interest expense $88,000$

Income tax expense has not yet been recorded. The income tax rate is $25\%$ of income before income taxes.