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The following list of items was extracted from the December 31, 2020, trial balance of Future Products Corp. Use the following information.
Debit
Credit
Salaries expense
Income tax expense (continuing operations)
Loss from operating Division C (net of $11,420 tax benefit)
$ 88,370 115,746 27,400
Sales
$861,790
Total effect on prior years' profit of change from declining balance to straight-line depreciation (net of $12,560 tax)
39,640
Gain on provincial condemnation of land owned by Future
103,200
Depreciation expense
70,410
Gain on sale of Division C (net of $22,760 tax)
73,600
Cost of goods sold
472,220
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