Question at position 1

Below is financial data for Van Halen, Inc. Van Halen has an effective tax rate of 20% on all items. In addition, 100,000 shares of common stock were outstanding during the entire year. Use this information to answer the questions below.

Interest revenue	$120,400
Selling expenses	271,600
Sales revenue	1,932,000
General & Administrative expenses	135,800
Interest expense	84,000
Sales returns and allowances	210,000
Allowance for doubtful account	7,000
Sales discounts	63,000
Loss from tornado damage	210,000
Cost of goods sold	869,400
Dividends declared on common stock	$75,000
Dividends declared on preferred stock	$50,000