33 mimo company info below

The information below is for Mimo Company. . During the year Mimo Company signed consulting contracts totaling $20,000,000. . During the year Mimo Company completed work on consulting contracts with a total contract price of $14,000,000. Work on the remaining $6,000,000 in contracts is 30% completed. . During the year Mimo Company collected ALL the cash from its consulting contracts totaling $20,000,000. The customers paid all of the cash this year even though all of the work is not yet completed (see the previous item). . On January 1, Mimo Company purchased a machine for $12,000,000 cash. This machine is expected to be useful for 5 years. The machine will have no salvage value. . On November 17, Mimo Company purchased inventory for $4,000,000 cash. Mimo Company plans to sell the inventory next year. . On May 1, Mimo Company borrowed $7,000,000 in cash from a local bank. The annual interest rate on the loan is 10%. Mimo Company will repay the loan, with interest, next year on April 30. What is Mimo Company's NET INCOME for this year? O $12,933,333 O $8,933,333 O $17,133,333 $11,133,333 O $9,933,333 O $14,133,333