Saved 10 1 points Skipped At the end of the year, the Chief Financial Officer (CFO) of Major Industries has been asked by the company's president to prepare financial statements. Initial calculations show the company has: Total revenues for the year of $750,000 Total expenses for the year of $400,000 The CFO then determines that six additional adjustments to expenses are needed based on estimated future outcomes. For each of these adjustments, the CFO's estimated ranges of possible outcomes (high and low), as well as the most likely outcome (middle), are shown in the graphs below. Aggressive Versus Conservative Accounting Practices $60,000 eBook $55,000 $50,000 $47,000 $48,000 $45,000 $40,000 $42,000 References $38,000 $36,000 $33,000 +$34,000 $30,000 $28,000 $28,000 $24,000 $25,000 $20,000 $19,000 $15,000 + $15,000 $10,000 $0 So 1. 3. 5. 6. Estimated future uncollectible accounts Estimated future selling price of ending inventory Estimated future residual value of equipment Estimated future cash flows of equipment Estimated future Estimated future warranty costs lawsuit costs Click here to open the graphis) in a new tab. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What is the reported amount of net income prior to any of the five adjustments? Required 1 Required 2 >