Given the following accounts and month-end balances for June, determine the net income for Palmer Co. Cash 85,500 Common Stock 170,000 Accounts Receivable 20,900 4,000 25,300 6,300 1,900 Supplies Prepaid Advertising Office Equipment Accounts Payable Dividends Fees Earned Salaries Expense Telephone Expense 6,500 1,200 132,000 65,000 Utility Expense 2,000 $246,600 O $15,600 O $11,600 $131.000