The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2027: Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Dividends Income tax expense Interest revenue Inventory Land Notes payable Patent Prepaid insurance Retained earnings Sales revenue Wage expense $49,000 $55,000 $22,000 $34,000 $89,000 $46,000 $23,000 $11,000 $38,000 $72,000 $56,000 $84,000 $52,000 $27,000 $61,000 (at January 1, 2027) $95,000 $18,000 ABC Company has not yet recorded adjusting entries related to the following two items: (1) The note payable in the unadjusted trial balance was a 15%, 10-month bank loan taken out on June 1, 2027. (2) The prepaid insurance in the unadjusted trial balance relates to a two-year insurance policy purchased on September 1, 2027. Calculate the net income reported by ABC Company for 2027 after the appropriate adjusting entries have been recorded and posted.

The following account balances were taken from ABC Company's unadjusted trial balance at December 31, 2027: January 1, 2027) ABC Company has not yet recorded adjusting entries related to the following two items: (1) The note payable in the unadjusted trial balance was a 15\%, 10-month bank loan taken out on June 1, 2027. (2) The prepaid insurance in the unadjusted trial balance relates to a two-year insurance policy purchased on September 1, 2027. Calculate the net income reported by ABC Company for 2027 after the appropriate adjusting entries have been recorded and posted