QUESTION 62 The following balances were taken from the ADJUSTED TRIAL BALANCE of Terrapin Corp. for the fiscal year ending December 31, 2003. Cash 8, 500 Accounts Receivable 25,000 Prepaid Rent 2,000 Equipment 42, 000 Accumulated Depreciation - Equipment 5, 500 Accounts Payable 7,000 Unearned Revenue 1, 000 Wages Payable 2,000 Common Stock 30,000 Retained Earnings, 1/1/2003 5, 000 Dividends 1, 000 Service Revenue 30, 000 Notes Payable, Due 5/1/2005 21, 500 Rent Expense 3,000 Interest Expense 1, 000 Wages Expense 17, 000 Depreciation Expense -- Equipment 3, 500 Notes Payable, Due 5/1/2004 1, 000 Each of these accounts has the normal debit or credit balance. The NET INCOME for the year is: O $ 4,500 O $ 6,500 $ 5,500 O $ 30,000 O None of the above