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Riley Company borrowed 40,000 on April 1, year I from the Titan Bank. The note issued by Riley carried a one year term and a

Riley Company borrowed 40,000 on April 1, year I from the Titan Bank. The note issued by Riley carried a one year term and a 7% annual interest rate. Riley earned cash revenue of 1,060 in year I and 1,500 in year 2. Assume no other transactions. The amount of net income on the year 2 income statement would be:

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