Edit & Create 3. Identify the primary term described by each event below: gross income, depreciation, operating expense, taxable income, income tax, or net operating profit after taxes. a) A new machine had a first-year write-off of S10,500. b) A public corporation estimates that it will report a S-750,000 net profit on its annual income statement c) An asset with a book value of $8000 was retired and sold for $8450. d) An over-the-counter software system will generate $420,000 in revenue this quarter. e) An asset with a MACRS recovery period of 7 years has been owned for 10 years. It was just sold for $2750. g) A convenience store collected S33,550 in lottery ticket sales last month. Based h) An asset with a first cost of $65,000 was utilized on a new product line to 0 The cost to maintain equipment during the past year was $641,000 The cost of goods sold in the past year was $3,680,200. on winners holding these tickets, a rebate of S350 was sent to the manager increase sales by $150,000