6. The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2016, the company collected $1,300,000 from regular customers and paid out $650,000 for various operating expenses (not including income taxes and restructuring costs). The following information also is available. Question #6 Contd. Partial balance sheet information: 12/31/16 12/31/15 95,000 120,000 Accounting receivable 65,000 50,000 Accounts payable (for operating expenses Additional facts: I. Depreciation expense for 2016 totaled $70,000. ll. There were no bad debt write offs during the year. Ill. Investments were sold during the year at a gain of $30,000. IV. The company incurred restructuring costs of $200,000 in 2016, all of which were paid in cash as of year-end. The cash payment is in addition to the $650,000 paid for other operating expenses. V. The company's income tax rate is 40% on all items of income or loss