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Required information [The following information applies to the questions displayed below.) On January 1, Year...

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Accounting

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Required information [The following information applies to the questions displayed below.) On January 1, Year 1, Excellent Essence Company purchased office equipment that cost $34,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,000. The equipment had a five-year useful life and a $12,000 expected salvage value. Assume that Excellent Essence Company earned $30,000 cash revenue and incurred $19,000 in cash expenses in Year 3. The company uses the straight-line method. The office equipment was sold on December 31, Year 3 for $16,000. What is the company's net income (loss) for Year 3

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