20. Fashion Retailers, Inc.s income statement for the year ended December 31, 20X8 included the following accounts:

Sales.$60,000,000

Cost of goods sold$36,000,000

Selling expenses (total)..$7,000,000

General and administrative expenses.$3,000,000

Income tax expense$3,500,000

What was the net income for the year-ended December 31, 20X8?

a. $22,500,000.

b. $13,500,000.

$24,000,000.

$10,500,000.