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, 2008: Gross sales, $152,000; sales returns and allowances, $8,300; sales discounts, $2,800. Merchandise inventory, Jan. 1, 2008, $56,800; merchandise inventory, Dec. 31, 2008, $87,400; net purchases, $52,500; freight in, $950; salaries, $95,300; rent, $15,400; utilities, $1,500; insurance, $2,475; and income tax, $14,650. Use parentheses to show a loss.