Question $24(3$ points$)$

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Set up an Income Statement from the information below to determine Net Income:

Cash in the bank $5,000$ ; total credit card balance $10$ ; gross wages $72,000$ ; retirement account $150,000$; car loan balance $12,000$; payroll deductions $12,000$; market value of $2020$ Honda Accord $20,000$; boat loan balance $5,000$; house interest annualized $5,000$ ; market value of a ski boat $10,000$ ; food expense annualized $6,000$ ; clothing expense annualized $2,000$ ; cell phone expense annualized $1,800$; internet and cable expense annualized $1,800$ ; mortgage balance $100,000$ ; entertainment and travel expense $3,000$ ; credit card interest $1,500$; car loan interest $6,00$ ; market value of home $250,000$; boat loan interest $500$; annual payment on credit cards $3,000$; annual payment on car $4,800$; annual payment on boat $3,000$ ; annual mortgage payment $18,000.$

What is the amount of Net Income?

$$72,000$

$$34,800$

$$25,200$