Required information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. Debit a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable. e. Other operating expenses f. Accumulated depreciation-Equipment Credit $ 14,100 $ 34,100 25,950 44,100 106,500 71,700 g. Gain from settlement of lawsuit 44,100 h. Accumulated depreciation-Buildings 174,700 1. Loss from operating a discontinued segment (pretax)) 18,350 j. Gain on insurance recovery of tornado damage k. Net sales 29,220 999,500 1. Depreciation expense-Buildings 52,100 m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax)) o. Loss from settlement of lawsuit 16,100 34,500 23,850 p. Income tax expense q. Cost of goods sold 4. What is the amount of net income for the year? Net income 483,500