Eastern Trading Corporation has a preliminary figure for earnings of $250,000, for the year ended 31 December 2012. The company also has provided the following information in relation to its annual financial information:

a. The company has a bank loan outstanding for $200,000, which has been outstanding for the entire year. The interest has not been paid or recorded for the final quarter. Interest is based on an annual rate of 6%.

b. Property taxes of $19,200 were paid in August and were for the 12-month period starting on 1 September. The amount was expensed in August.

c. A customer paid $30,000 on an outstanding account receivable in December. This amount was credited to sales, in error.

d. Depreciation of equipment in the amount of $16,400 has not been recorded.

e. At the beginning of the year, there was a balance of $2,240 in the prepaid insurance account, for a policy that will expire at the end of February 2013. During the year, a second policy for different coverage came into effect on June 1. This policy cost $4,770 and covers 18 months. The payment was debited to insurance expense when it was made.

f. No income tax has been recorded, but the tax rate is 25%.

Calculate the revised earnings for the period, reflecting the adjustments needed based on items a-e.