The following is a partial trial balance for General Lighting Corporation as of December 31 , 2016: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses Interest expens e De bits Credits 2,700,000 87,000 26,000 1,260,000 270,000 370,000 185,000 86,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%