Transcribed Image Text: These items are taken from the financial statements of Whispering Winds Corp. at December 31, 2022. Buildings $107,800 Accounts receivable 12,200 Prepaid
Transcribed Image Text: These items are taken from the financial statements of Whispering Winds Corp. at December 31, 2022.
Buildings
$107,800
Accounts receivable
12,200
Prepaid insurance
4,680
Cash
11,840
Equipment
83,000
Land
62.000
Office expense
580
Income tax expernse
200
Depreciation expense
5.200
2 100
Interest expense
62.000
Common shares
Depreciation expense
5,200
Interest expense
2,100
Common shares
62,000
Retained earnings (January 1,2022)
40,000
Accumulated depreciation-buildings
45,800
Accounts payable
8,200
Income taxes payable
1,200
Bank loan payable (due July 1.2024)
94,000
Accumulated depreciation-equipment
18,720
Interest payable
3.600
16.080
Sales
Sales
16,080
(a)
X Your answer is incorrect.
Calculate the net income for the year.
Net income
%24
8580
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