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20. Fashion Retailers, Inc.s income statement for the year ended December 31, 20X8 included the following accounts:
Sales.$60,000,000
Cost of goods sold$36,000,000
Selling expenses (total)..$7,000,000
General and administrative expenses.$3,000,000
Income tax expense$3,500,000
What was the net income for the year-ended December 31, 20X8?
a. $22,500,000.
b. $13,500,000.
$24,000,000.
$10,500,000.
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