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 2019, totaling $1,000. 345.00 145,000 REQUIRED: Calculate the correct net income that Apex, Inc. should report on its 12/31/19 income statement. SHOW ALL CALCULATIONS in your solution. 10,000 4,000 ment 14,000 Acc ldings 28,000 Long able Payable 10,00 62,000 Comm $10.000 Toral Incode statement as follows Sold 100.000