25. The adjusted trial balance for Rex Company is shown below. Rex uses the periodic nventory system. REX COMPANY Trial Balance December 31,20106 Debit 109,200 72,000 294,000 2,100 2,700 105,000 Credit Cash Accounts receivable Inventory, January 1 Office supplies Prepaid rent Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Sales Sales returns and allowances Purchases Purchases returns and allowances Freight in Supplies expense Rent expense Salaries expense S 36,000 58,200 80,000 349,000 743,000 26,000 480,000 4,800 15,300 3,600 37,500 123,600 Inventory on December 31,2016, was S306,000 a. Without preparing a formal income statement, calculate the net income or loss for the year