Question: Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $340,000; administrative expenses, $42,400;

Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $340,000; administrative expenses, $42,400; interest expense, $25,000; rent revenue, $84,800; sales, $551,200; and selling expenses, $63,600

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