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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 $ 11,000 Interest Expense

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

Cost of Goods Sold

$ 11,000

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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