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Use the following information to compute NET INCOME. The income tax rate on all items is 40%. Cost of Goods Sold $ 9,000 Interest Expense

Use the following information to compute NET INCOME. The income tax rate on all items is 40%.

Cost of Goods Sold $ 9,000

Interest Expense 2,100

Loss from sale of land 1,000

Cash 900

Selling and Administrative Expense 1,750

Accounts payable 400

Sales 20,000

Gain from sale of equipment 1,250

Dividends 700

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