These items are taken from the financial statements of Pronghorn Corp. at December $31,2025.$

Buildings $$121,700$

Accounts receivable $14,500$

Prepaid insurance $5,380$

Cash $13,620$

Equipment $94,800$

Land $70,400$

Office expense $670$

Income tax expense $236$

Depreciation expense $6,120$

Interest expense $2,990$

Common shares $71,300$

Retained earnings $($January $1,2025)46,000$

Accumulated depreciation$$buildings $52,400$

Accounts payable $9,660$

Income taxes payable $1,270$

Bank loan payable $($due July $1,2027)107,600$

Accumulated depreciation$$equipment $21,530$

Interest payable $4,140$

Service revenue $16,516$

$($a$)$

Calculate the net income for the year.

Answer rating: 100% (QA)

To calculate the net income for the year we need to consider the fol... View the full answer