6 Skipped eBook Print References Check my word A company financed the sale of equipment and recorded a note receivable for the sale. The accountant inappropriately recorded the sale at the coupon rate instead of market rate and fair value. Cash received $80,000 Notes receivable 339,000 Sales price $419,000 Tax rate 30% Estimated tax payment $23,000 Note information Term of the note 4 years Coupon rate 1.5% Market rate 7.7% The note is due in equal annual payments of principle and interest Incorrect income statement for the year ended December 31 Sales $739,000 Expenses 591,000 Interest revenue 5.085 Pretax income 153,085 Tax expense 45.926 Net income 107,159 What is the correct net income for 20X1? Note: Using the corrected sales and correct interest revenue, solve for net income with the given tax rate. 6 Skipped eBook Print References Check my word A company financed the sale of equipment and recorded a note receivable for the sale. The accountant inappropriately recorded the sale at the coupon rate instead of market rate and fair value. Cash received $80,000 Notes receivable 339,000 Sales price $419,000 Tax rate 30% Estimated tax payment $23,000 Note information Term of the note 4 years Coupon rate 1.5% Market rate 7.7% The note is due in equal annual payments of principle and interest Incorrect income statement for the year ended December 31 Sales $739,000 Expenses 591,000 Interest revenue 5.085 Pretax income 153,085 Tax expense 45.926 Net income 107,159 What is the correct net income for 20X1? Note: Using the corrected sales and correct interest revenue, solve for net income with the given tax rate