The following items are taken from the financial statements of Pharoah Company for 2022: Accounts payable $10,300 Accounts receivable 12,900 Accumulated depreciation-equipment 36,700 Advertising expense 21,900 Cash 13,000 Common stock 100,000 Depreciation expense 13,400 Dividends 14,100 Equipment 240,000 Insurance expense 2,700 Notes payable 84,500 Prepaid insurance 5,800 Rent expense 17,500 Retained earnings (beginning) 14,500 Salaries and wages expense 35,900 Salaries and wages payable 2,900 Service revenue 138,000 Supplies 3,000 Supplies expense 6,700 (a) Calculate the net income. Net income $