Question 3 (5 points) Alberto's Pest Control recently reported sales revenue of $120,000, cost of goods of $30,000, administrative expenses of $5,000 and depreciation expense of $2,000. The firm has a $50,000 note payable with an interest rate of 5%. If the company's state-plus-federal tax rate is 25%, what is its net income? $60,375 $59,137.50 $59,750 $61,875