Please answer Question 1 based on the previous given information:

a) Calculate the amount of net income reported in ABC Company's 2026 income statement

b) Calculate the total assets reported in ABC Company's December 31 2026 balance sheet

Question 9 3.5 pts ABC Company reported the following account balances at January 1, 2026: Accounts Payable $18,000 Accounts Receivable $57,000 Cash $49,000 Common Stock $93,000 Inventory $88,000 Land $32,000 Notes Payable $75,000 (due July 1, 2027) Retained Earnings $40,000 (at January 1, 2016) During 2026, ABC Company entered into the following transactions: March 3: Sold the land for $46,000 cash. April 18 Purchased supplies costing $43,000 on account. June 12: Sold one-half of its inventory to a customer for $80,000. The customer paid 30% down and agreed to pay the remainder at a later time. July 6: Purchased a building costing $67,000. Paid $12,000 cash and financed the remainder on a 3-year note payable. August 14: Paid $7,000 cash to stockholders as a dividend. October 3: Received a partial payment of $11,000 from the customer who purchased the inventory on June 12. December 31: Received a $6,000 bill from the utility company. ABC will pay the bill next month. Calculate the amount of net income reported in ABC Company's 2026 income statement