These items are taken from the financial statements of Sarasota Corp. at December 31, 2022. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense $107,800 12,200 4,680 11,840 82,200 61,800 580 200 Depreciation expense 5,000 Interest expense 2,300 Common shares 62,000 Retained earnings (January 1, 2022) 40,000 Accumulated depreciation-buildings 45,900 Accounts payable 8,400 Income taxes payable 1,100 Bank loan payable (due July 1, 2024) 92,400 Accumulated depreciation-equipment 18,720 Interest payable 3,600 Sales 16,480 (a) Calculate the net income for the year. Net income $