Income Determination Packler Company has service revenues of $356,000 for the year, rent expense of

$15,000, wage expense of $210,000, supplies expense of

$6,000, and miscellaneous expenses of $45,000. In addition, the company uses equipment that was purchased two years ago at a cost of $56,000. The equipment is expected to have a total useful life of eight years. Compute Packler’s net income for the year.