Problem 13-6AA Income statement computations and format LO A2

[The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow.

		Debit			Credit
a.	Interest revenue				$	15,400
b.	Depreciation expenseEquipment.	$	35,400
c.	Loss on sale of equipment		27,250
d.	Accounts payable					45,400
e.	Other operating expenses		107,800
f.	Accumulated depreciationEquipment					73,000
g.	Gain from settlement of lawsuit					45,400
h.	Accumulated depreciationBuildings					177,300
i.	Loss from operating a discontinued segment (pretax)		19,650
j.	Gain on insurance recovery of tornado damage					30,520
k.	Net sales					1,012,500
l.	Depreciation expenseBuildings		53,400
m.	Correction of overstatement of prior years sales (pretax)		17,400
n.	Gain on sale of discontinued segments assets (pretax)					41,000
o.	Loss from settlement of lawsuit		25,150
p.	Income taxes expense		?
q.	Cost of goods sold		496,500

Problem 13-6 Part 4

4. What is the amount of net income for the year?