Question 20

1. Fashion Retailers, Inc.s income statement for the year ended December 31, 20X8 included the following accounts:

   Sales.$72,000,000

   Cost of goods sold$50,400,000

   Selling expenses (total)$12,000,000

   General and administrative expenses.$8,000,000

   Income tax expense...$480,000

   What was the net income for the year-ended December 31, 20X8?

   	a.	$1,120,000.
   	b.	$2,500,000.
   	c.	$1,600,000.
   	d.	$21,600,000.