Use the following information to calculate the ABC company's accounting net income for the year. Credit Sales $1,600,000 Cash Sales $1,000,000 Operating Expenses on Credit $400,000 Cash Operating Expenses $1,400,000 Accounts Receivable (Beg, of Year) $100,000 Accounts Receivable (End of Year) $160,000 Accounts Payable (Beg. of Year) $100,000 Accounts Payable (End of Year) $200,000 Corporate Tax Rate 40% O $600,000 $480,000 $250,000 $240,000