Question 8 3.5 pts ABC Company began operations on January 1, 2025 by sell ing common stock to owners in exchange for $90,000 cash. During 20 25, ABC Company entered into the following transactions: 1. On January 1, ABC Company purchased a piece of equi pment for $40,000 cash. The equipment was assigned a 5-year 1 ife and a $5,000 residual value. 2. On March 1, ABC Company purchased a three-year insu rance policy for $18,000 cash. 3. On April 23, ABC Company purchased inventory for $3 0,000 cash. 4. On September 1, a customer paid ABC Company $70,000 cash for services to be performed over the next 20 months. 5. On November 1, ABC Company sold one-half of the inv entory that was purchased on April 23 to a customer for $46,000 cash. Calculate the amount of net income that ABC Company wo uld report in its 2025 income statement after all the above transacti ons have been recorded and all of the necessary adjusting entries hav e been made