Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $110,000; Sales Returns and Allowances, $8,000; Sales Discounts, $2,400; Merchandise Inventory, January 1, 2011, $50,000; Merchandise Inventory, December 31, 2011, $43,100; Net Purchases, $80,500; Freight In, $975; Salaries, $92,900; Rent, $15,500; Utilities, $1,275; Insurance, $2,450; and Income Tax, $15,650.