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I'm not sure with my answer JB Company recorded the following transactions during 2019: 1. On April 1, JB Company purchased a one-year fire insurance
I'm not sure with my answer
JB Company recorded the following transactions during 2019: 1. On April 1, JB Company purchased a one-year fire insurance policy costing $21,000. 2. On June 1, JB Company received $46,000 cash from a customer for services to be performed over the next 16 months. 3. On October 1, JB Company borrowed $42,000 from the local bank on a 10-month, 11% note payable. JB Company recorded the following transactions during 2020: 1. On February 1, JB Company purchased inventory costing $51,000. 2. On April 1, JB Company paid $27,000 to renew its fire insurance policy for another one year. 3. On May 1, JB Company sold two-thirds of the inventory that was purchased on February 1 for $72,000 cash. Calculate the amount of net income reported by JB Company for 2020. 34,180Step by Step Solution
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