The following information was taken from the records of Monty Inc. for the year 2017: Income tax applicable to income from continuing operations $169,626; income tax applicable to loss on discontinued operations $26,418, and unrealized holding gain on available-for-sale securities (net of tax) $22,500.
Gain on sale of equipment
|
$98,400 |
Cash dividends declared |
$140,400 |
| Loss on discontinued operations |
77,700 |
Retained earnings January 1, 2017 |
588,700 |
| Administrative expenses |
246,800 |
Cost of goods sold |
889,600 |
| Rent revenue |
48,900 |
Selling expenses |
315,100 |
Loss on write-down of inventory
|
70,100 |
Sales Revenue |
1,873,200
|
Shares outstanding during 2017 were 99,100.