In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data. Salaries and wages…

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In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.

Salaries and wages expenses   $720,750   Loss on disposal of plant assets   $ 129,425
Cost of goods sold   1,529,850   Sales revenue   3,425,500
Interest expense   110,050   Income tax expense   38,750
Interest revenue   100,750   Sales discounts   248,000
Depreciation expenses   480,500   Utilities expense   170,500

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