Question 3 [30 points] The following account balances were included in the adjusted trial balance of JenStar at July 31, 2015. All accounts have normal balances Accumulated depreciation, equipment Accumulated depreciation, furniture Accumulated other comprehensive income, Advertising expense Allowance for doubtful accounts Common shares Cost of goods sold Depreciation expense, 2014 expense, understated due to emor Depreciation expense, equipment Depreciation expense, fumiture Dividends declared on common shares Dividends declared on preferred shares Entertainment expense Freight-out Gain on disposal Gain on sale of land. Interest expense. Preferred shares Rent expense Retained eamings Salaries expense Sales Sales commissions expense Sales discounts, Sales returns and allowances Telephone and internet expense (sales). Unrealized gain on AFS investments (OCI) Additional information 50,000 35.000 106,000 40,000 2,600 420,000 1,148,000 25,000 8,700 6,500 15,000 45,000 13,000 49,000 45,000 61,000 11,000 50.800 39,000 155,000 54,000 2,800,000 119,000 29.000 77,000 13,000 35,000 The company is publically traded and follows IFRS and its income tax rate is 40%. On July 31, 2015, the number of common shares outstanding was 138,000 and there were no changes to common shares during the fiscal year. The ending balance for preferred shares of $50,800 includes issuing 900 preferred shares at $12 per share in the current year. The market price per common share on the reporting date was $21.28. a) Calculate the net income (loss) for the year ended July 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Net income (loss)-5