During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31,2024. you discover net income in 2024 is $30,000 but no adjusting entries have been prepared. To prepare adjusting entries, you discover the following items: a. An insurance policy covering three years was purchased on January 1,2024 , for $6,000. The entire amount was debited to Insurance expense. b. During 2024, the company recelved a $1,000 cash advance from customer for services to be provided in 2025. The $1,000 was credited to sales revenue. c. All purchases of supplies were debited immediately to supplies expense. However, you discover that supplies costing $750 were on hand on December 31. d. Hales borrowed $20,000 from a local bank on October 1,2024 . Principal and interest at 12% will be paid on September 30,2025 . No accrual was recorded for interest. Required: Determine the proper amount of net income for 2024 . Note: Amounts to be deducted should be indicated by o minus sign