The following data relate to Swift Company for the year ended December 31, 2010. Swift Company uses the accrual basis. Sales on credit $250,000 Cost of inventory sold on credit $170,000 Collections from customers $220,000 Purchase of inventory on credit $150,000 Payment for purchases $140,000 Selling expenses (accrual basis) $40,000 Payment for selling expenses $45,000 Which of the following amounts represents income for Swift Company for the year ended December 31, 2010? 1. $30,000 2. $35,000 3. $50,000 4. $60,000 5. $40,000