Account Account Balance 12/31/16 Cash Balance 12/31/17 $75,000 Cash $15,000 Accounts Receivable, net $50,000 Accounts Receivable, net $65,000 Inventory |$50,000 Inventory $90,000 Prepaid rent $20,000 Prepaid rent $10,000 Equipment $200,000 Equipment $260,000 Accumulated Depreciation $20,000 Accumulated Depreciation $30,000 Land $60,000 Land Accounts Payable $40,000 Accounts Payable $64,500 Wages Payable $6,000 Wages Payable $10,000 Interest Payable $4,500 Interest Payable $4,000 Current Taxes Payable $10,000 Current Taxes Payable $15,000 Note Payable $90,000 Note Payable $80,000 Common Stock ($1 each) $50,000 Common Stock ($1 each) $50,000 Retained Earnings Retained Earnings $310,500 $110,500 Gross Revenue $1,200,000 Gross Revenue Contractual allowance $500,000 Contractual allowance Wage Expense $200,000 Wage Expense Rent Expense Office Expenses Bad Debt Expense Depreciation Expense Interest Expense Income Tax Expense The company did not sell any equipment during the year. All equipment purchased during the year was purchased with cash. The retained earnings balance for both years is the final balance after the revenue and expense entries have been closed out. The Note Payable account requires payments of $10,000 principal plus interest at 10% on June 30th of each year. (Note that the Notes Payable is in one account, you will need to determine what is current vs. non-current.) New Hospital's Net Income before income taxes was Group of answer choices $341,000 $208,500 Rent Expense $36,000 Office Expenses $30,000 Bad Debt Expense $15,000 Depreciation Expense $10,000 Interest Expense $8,000 Income Tax Expense $60,000 $140,000 $401,000 None of the above