The following is a partial trial balance for General Lighting Corporation as of December 31, 2013: Account Title Debits Credits Sales revenue 2,350,000 Rental revenue 80,000 Loss on sale of investments 22,500 Loss from flood damage (event is both unusual and infrequent) 120,000 Cost of goods sold 1,200,300 Loss from write-down of inventory due to obsolescence 200,000 Selling expense 300,000 General and administrative expenses 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet been accrued. The income tax rate is 40%.