Cedric is a self$-$employed taxpayer and owns Clink Construction Company in Lincoln, NE$.$ Cedric received the following revenue and incurred the following expenses in connection with his company during $2023.$ Assume that Cedric accounts for business activities using the cash method and is himself a cash basis, calendar$-$year taxpayer. What is Cedric's net profit $($loss$)$ for $2023?$ For partial credit, please show all calculations.

Clink completed three commercial construction projects during $2023.$ The revenue that the company earned from these projects totaled $$2,459,000.$ As of December $31,2023,$ Cedric had Revenue received payment $($in cash$)$ of $$2,183,000$ of this amount. At the end of the year, Clink was earned $=$ working on a fourth commercial project. Cedric estimates that the building will be completed in May $2024.$ Cedric had received a down payment on that project's construction of $$525,000$ in $2,459,0$ August $2023.$ The remaining balance for the building, $$817,000$ is due upon completion.

Clink purchased $$937,000$ of materials for construction, including lumber, drywall, tile, and various fasteners, during $2023.$ It used all of these materials in $2023.$ Deduitions in full

$$937,000$

During $2023,$ the company paid $$949,500$ in salary and wages for its employees. darr

$$949,500$

Clink provided health insurance to its employees during the year. The premiums that the company paid on behalf of its employees totaled $$256,000.$

Cedric carries insurance on the company's office and equipment. On August $1,2023,$ he entered into a new insurance agreement and paid $$24,000$ for insurance on the office for $24$ months. The contract began immediately. On that same day, he also paid $$4,000$ for eight months of insurance coverage on the company's equipment, for which the insurance coverage begins July $1,2024.$

On April $8,2023,$ Clink sold some old construction equipment for $$90,500.$ The equipment was initially placed into service on August $20,2016$ and had an adjusted basis of $$87,050.$

Cedric uses his truck for both business and personal purposes and had the following $2023$ expenses: Gas$/$oil $-$ $$3,150,$ insurance $-$ $$535,$ car loan interest $-$ $$630,$ and automobile property tax $($based on value$)-$ $$810.$ Cedric drove a total of $11,000$ miles for business purposes and $4,000$ for personal reasons. Cedric uses the actual cost method to account for his mixed$-$use automobile expense. Actual Cos $x=3,150+535+630+810=5,125+11\frac{K}{15}K=3,758\mathrm{.}33$

In January $2023,$ Clink paid $$10,000$ for an insurance policy to cover the business in case of any accidents on the job. The policy was good for one year. $10,000$ dederille

In March of $2023,$ Cedric took a potential client out for dinner. The meal was at a restaurant and cost $$200,$ which is typical in that area. After the meal, Cedric took the potential client to a baseball game $($the tickets cost $$350$ each$),$ not de dutible, $$200$ deduct.

In September of $2023,$ Cedric took a $3-$day trip to explore new building techniques. He had a conference for $2$ days and then went sight$-$seeing for $1$ day. Costs included: airfare $($ $$450$; meals at restaurants day$)$; other incidentals $($ $$\frac{20}{?}$ day$).$

$\frac{2}{3}=$ majurity $=450+100+\frac{2}{50}\%=$

$450+100+40=590$ded