E4-5 The following balances were taken from the books of Corp. on December 31, 2

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E4-5 The following balances were taken from the books of Corp. on December 31, 2010. Interest revenue $86,000 Accumulated - depreciation building $ 28,000 Cash $51,000 Notes receivable 155,000 Sales $1,280,000 Selling expenses 194,000 Accounts receivable $150,000 Accounts- payable . 170;000 Prepaid Insurance $20,000 Bonds payable 100,000 Sales returns and allowances $-150,000 Administrative and general expenses 97,000 Allowances - for- doubtful accounts $-7,000 Accrued liabilities 32,000 Sales discounts 45,000 Interest expense 60,000 Land -100,000 Notes payable 100,000 Equipment 200,000 Loss from earthquake damage Building 140,000 (extraordinary item) 200,000 Cost of goods sold 621,000 Common stock 500,000 Accumulated-depreciation-equipment -40,000 Retained earnings 21,000 Assume the total effective tax rate on all items is 34%.

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