These items are taken from the financial statements of Concord Corp. at December 31, 2022. Buildings $105,800 Accounts receivable 11,400 Prepaid insurance 4,680 Cash 11,840 Equipment 83,000 Land 60,800 Office expense 580 Income tax expense 200 Depreciation expense 5,800 Interest expense 2,400 Common shares 62,000 Retained earnings (January 1, 2022) 40,000 Accumulated depreciation-buildings 45,500 Accounts payable 8,200 Income taxes payable 1,100 Bank loan payable (due July 1, 2024) 92,800 Accumulated depreciation-equipment 18,720 Interest payable 3,600 Sales 14,580 (a) Calculate the net income for the year. Net income +A $