Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar...
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Accounting
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow.
| Debit | Credit | ||||||
| a. | Interest revenue | $ | 14,000 | ||||
| b. | Depreciation expenseEquipment | $ | 34,000 | ||||
| c. | Loss on sale of equipment | 25,850 | |||||
| d. | Accounts payable | 44,000 | |||||
| e. | Other operating expenses | 106,400 | |||||
| f. | Accumulated depreciationEquipment | 71,600 | |||||
| g. | Gain from settlement of lawsuit | 44,000 | |||||
| h. | Accumulated depreciationBuildings | 174,500 | |||||
| i. | Loss from operating a discontinued segment (pretax) | 18,250 | |||||
| j. | Gain on insurance recovery of tornado damage | 20,000 | |||||
| k. | Net sales | 998,000 | |||||
| l. | Depreciation expenseBuildings | 52,000 | |||||
| m. | Correction of overstatement of prior years sales (pretax) | 16,000 | |||||
| n. | Gain on sale of discontinued segments assets (pretax) | 34,000 | |||||
| o. | Loss from settlement of lawsuit | 23,250 | |||||
| p. | Income tax expense | ? | |||||
| q. | Cost of goods sold | 482,500 | |||||
4. What is the amount of net income for the year?
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