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Rushmore Company provided services for $37,500 cash during Year 1. Rushmore incurred $27,000 in expenses on account during Year 1, and by the end of

Rushmore Company provided services for $37,500 cash during Year 1. Rushmore incurred $27,000 in expenses on account during Year 1, and by the end of the year, $10,500 of that amount had been paid with cash. Assuming that these are the only accounting events that affected Rushmore during Year 1, what will be the net income?

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