These items are taken from the financial statements of Sarasota Corp. at December 31, 2018. Buildings $169,280 Accounts receivable 20,160 Prepaid insurance 7,488 Cash 18,944 Equipment 131,840 Land 97,920 Office expense 928 Income tax expense 320 Depreciation expense 8,480 Interest expense 4,160 Common shares 99,200 Retained earnings (January 1, 2018) 64,000 Accumulated depreciation-building 72,960 Accounts payable 13,440 Income taxes payable 1,760 Bank loan payable (due July 1, 2020) 149,760 Accumulated depreciation-equipment 29,952 Interest payable 5,760 Sales 22,688 (a) Calculate the net income for the year. Net income/(loss) $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit