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  3. the following balances were taken from the books o

The following balances were taken from the books of Quality Limited on December 31, 2021:...

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Accounting

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The following balances were taken from the books of Quality Limited on December 31, 2021: Interest income $ 70,000 Cash 40,000 Sales revenue 1,120,000 Sales returns and allowances 118,000 Sales discounts 40,000 Accounts receivable 122,000 Allowance for doubtful accounts 6,000 Prepaid insurance 16,000 Inventory 85,000 Land 80,000 Equipment 160,000 Buildings 115,000 Accumulated depreciation equipment 32,000 Accumulated depreciation-buildings 23,000 Cost of goods sold 504,000 Notes receivable 125,000 Selling expenses 160,000 Accounts payable 140,000 Bonds payable 81,000 Administrative expenses 80,000 Unearned revenue 16,000 Unrealized loss on FV-OCI equity investments 50,000 Notes payable 80,000 Loss from storm damage 124,000 Depreciation expense 50,000 Gain on disposal of discontinued division (net of tax of 85,000 $21,250) Assume the total effective tax rate on all items is 25%. Operating income from continuing business operations for 2021 is

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