Apex, Inc. has calculated its 12/31/19 net income to be $47,000, before considering the following items: 1. The company purchased a machine on January 1, 2018 at a cost of $30,000. Apex uses the straight-line of calculating depreciation, and estimated the asset's useful life to be ten years, with a $5,000 salvage value. In calculating the depreciation expense for 2018 and 2019, the company failed to deduct the salvage value when calculating the annual depreciation expense. 2. Due to a clerical error, Apex overstated the 12/31/18 ending inventory by $3,000. No adjustment has been made to correct the error in either 2018 or 2019. 3. The company failed to record a purchase of inventory on credit for $2,000. The purchase was made on 12/21/2019, the goods were received in December, 2019, and properly included in the 12/31/19 ending inventory. 4. The company failed to record a write-off of a customer's uncollectible account receivable during 145,000 2019, totaling $1,000. 145.000 REQUIRED: Calculate the correct net income that Apex, Inc. should report on its 12/31/19 income statement. SHOW ALL CALCULATIONS in your solution. 2020 2012 10,000 8,000 Acc pment 21,000 4,000 alldings Acco 60,000 Income ayable 2,000 10,000 Long Payable 62,000 000 Com follows Cont ds Sold 000 250.000 100,000