Question 30 1. During 2004, the Abel Co. had gross sales of $500,000. The nn's cost of goods sold and selling expenses were $150,000 and $50,000, respectively. These gures do not include depreciation. Abel also had notes payable of $1,000,000. These notes carried an interest rate of 10 percent. Depreciation was $100,000. Abel's tax rate in 2001 was 35%. What was Abel's net income? Answer $5?,500 $02,500 $03,500 $55,000 $67,500 1 points