A company had the following trial balance on Dec. 31, 2013:

What is the company's net income for 2013? Explain your answer

Trial balance Dec. 31, 2013 Debit 580,000 570,000 5100,000 5200,000 Credit Cash Accounts Receivable $120,000 Inventory Prepai d Expenses $50,000 Equipment Building Land Accounts Payable Wages Payable Unearned Revenue Notes Payable Stock Retained Earnings Sales COGS Wages Expense Income Tax Expense 540,000 Rent Expense De preciation Expense Total 150,000 90,000 560,000 575.000 160,000 5110,000 5 180,000 600,000 400,000 30,000 510,000 25,000 1,275,000$ 1,275,000