These items are taken from the financial statements of Concord Corp. at December 31, 2018. $100,510 11,970 4,446 11,248 78,280 58,140 551 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable Sales 190 5,035 2,470 58,900 38,000 43,320 7,980 1,045 88,920 17,784 3,420 13,471 Calculate the net income for the year. Net income/ (loss) $