Sales for 2017 were $245,000, and the cost of goods sold was 60 percent of sales Selling

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Sales for 2017 were $245,000, and the cost of goods sold was 60 percent of sales Selling and administrative expense was $24,500 Depreciation expense was 8 percent of plant and equipment (gross) at the beginning of the year Interest expense for the notes payable was 10 percent, while the interest rate on the bonds payable was 12 percent This interest expense is based on December 31, 2016 balances The tax rate averaged 20 percent