QUESTION 13 0 Clarification - Flash Enterprises Continuing Fact Pattern: You have numerous Flash Enterprises problems that will show up in a random order throughout the exam. Each Flash question is a small selection from a large comprehensive problem. Treat each Flash Enterprise question as stand alone, meaning you should ignore the scenarios that are not mentioned and include in your answer only the specific scenarios requested. Facts Flash Enterprises provides you with the below unadjusted account balances as of 12/31/2019, all of which are normal: Ref. No Account Description Ref. No Account Description 1 Cash S26,045 17 Note Payable S65,000 2 Accounts Receivable 16,000 18 Contributed Capital 50.000 Employee Note Receivable 7.000 19 Retained Earings 12.000 4 Supplies 2.400 20 Dividends 32.000 s Prepaid Advertising Expense 17,600 21 Service Fee Revenue 240,000 6 Prepaid Insurance Expense 9.745 22 Gain on asset disposal 5,115 7 Vehicle SS.CO 23 Advertising Expense 34,000 8 Equipment 125.000 24 Depreciation Expense 0 Accumulated Depreciation 82,995 25 Insurance Lispense 2,240 10 Accounts Payable-Gordon Industries 4,400 26 Interest Income 135 11 Dividend Payable 9,000 27 Interest Expense 0 12 Interest Payable 28 Miscellaneous Expense 965 13 New Customer Advance 9.000 29 Rent Expense 28,500 14 Rent Payable 0 30 Salaries Expense 92.000 15 Salaries Payable 0 31 Supplies Expense 24,000 16 Utilities Payable 32 Utilities Expense 4,950 Short Cut: using the above unadjusted account balances, Flash has net income for the twelve months ended at 12/31/2019 of $58,595. Please consider the following 2 scenarios: (1) On September 1, 2019 Flash borrowed $65,000 from the local bank at a rate of 6%. The loan is due in nine months and all principal and interest will be paid at maturity (June 1, 2020). (2) Flash Company makes all Supplies purchases on account from vendor Gordon Industries. As of 1/1/2019 Flash had $2.400 of supplies on hand. During 2019 Flash purchased an additional $24,000 of supplies and made no other entries. On December 31, 2019, at the end of the day after the offices had closed), Flash counted the supplies and determined that $5,500 of supplies were remaining as of this date. Required: What is the company's net income after any 12/31/2019 adjusting journal entries resulting from the above 2 scenarios? Answers may be rounded to the nearest $1. A. None of the answer choices provided are correct. OB. $51,470 OC. $53,762 OD. $36,395 O E $59,962 OF. $60,395