Assume the company's income tax rate is 40%

Problem 17-6AA Income statement computations and format LO A2 The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow Debit Credit 5 15,000 $ 35,000 26,850 45,000 107,400 72.600 45,000 176,500 a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses 1. Accumulated depreciation Equipment B. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segment (pretax) 1. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense 4. Cost of goods sold 19,250 30,120 1.008,500 53,000 17,000 39,000 24,750 2 492,500 Problem 17-6AA Part 4 4. What is the amount of net income for the year? X Answer is not complete. Net income