Explanation

The next 5 questions uses the below information. On January 8, 20X1, Company ABC started operations. The company acquired a piece of equipment by issuing a note payable on that date. The note had a below market rate of interest. Terms of the purchase of the equipment Ine note is oue in equat annuat payments of principle and interey, The company uses straight-line depreciation for book purposes. Depreciation information on the equipment: Incorrect income Statement for the yoar ended December 31, 20X1. The accountant ignored markot rate when producing the beiow income statement. What is the correct net income for 201 ? 76970 51,766 70.323 57,613