Farwell Company has the following information available from its most recent fiscal year. Use the relevant information to determine the net income (loss) for the period.
A. Cash sales, $ 40,000
B. Employee salary expense, $ 30,000
C. Common stock issued for cash, $ 100,000
D. Sales on account, $ 58,000
E. Utility expense, $ 1,500
F. Long- term loan received, $ 50,000
G. Interest earned on investments, $ 100
H. Property tax expense, $ 10,000
I. Inventory purchased for resale, $ 120,000
J. Cost of inventory sold, $ 102,000
K. Insurance purchased for the next year, $ 4,800
L. Rent expense, $ 12,000