Jing Company was started on January 1 Year 1 when it issued common stock for $27000 cash Also on January 1 Year the company purchased office equipment that cost $15 100 cash The equipment was delivered under terms FOB shipping point, and transportation cost was $1.200. The equipment had a five-year useful and a $5.500 expected salvage value Assume that Jing Company earned $16.600 cash revenue and incurred $10.500 in cash expenses in Year 3. Using straight line depreciation and assuming that the office equipment was sold on December 31 Year 3 for $8.500, the amount of net income or loss) appearing on the December 31. Year 3 income statement would be Multiple Choice o O s3020 o 52.58. o 53,480. o O (SABO)