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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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