Adam opened a new business. During the year, there was sales income of $50,000 and purchases of $15,000. Trading stock valued at $500 was destroyed due to fire damage. The closing balance of stock at the end of the current income year was $5,000 before any reduction due to stock damage. What is the taxable income from trading for the current income year? Select one: $50,000 $39,500 $35,000 $40,000 3