alan by Kimmel, Help System Announcements NileyPLUS Problem 2-1 These items are taken from the financial statements of Martinez Corp. a Buildings Accounts receivable Prepaid insurance $137,540 16,380 6,084 15,392 107,120 79,560 754 Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2018) Accumulated depreciation--building Accounts payable Income taxes payable Bank loan payable (due July 1, 2020) Accumulated depreciation-equipment Interest payable Sales 260 6,890 3,380 80,600 52,000 59,280 10,920 1,430 121,680 24,336 4,680 18,434 Calculate the net income for the year. Net income / (loss) 7150