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

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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