T AC . 40 ABC Company is a manufacturing firm. At the beginning of July, ABC had a total inventory balance of $98,000. During the month of July, ABC had the following transactions Purchased raw materials costing $5,000 Paid office staff salaries of $10,000 Paid production staff salaries of $2,000 Purchased office equipment costing $9.000 Purchased production equipment costing $25,000 Recognized $1,000 depreciation on the office equipment . Recognized $5,000 depreciation on the production equipment Sold $51,000 worth of finished goods for $121,000 cash Assume all transactions, except depreciation, are for cash. What is ABC Company's Net Income or Loss for July? $98.000 $59.000 $70,000 $47.000