Required information

Problem $17-6$AA $($Algo$)$ Income statement computations and format LO A$2$

$[$The following information applies to the questions displayed below.$]$

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year$-$end December $31$ follow. Assume that the company's income tax rate is $40\%$ for all items.

a$.$ Interest revenue

b$.$ Depreciation expense$-$Equipment

c$.$ Loss on sale of equipment

d$.$ Accounts payable

e$.$ Other operating expenses

f$.$ Accumulated depreciation$-$Equipment

g$.$ Gain from settlement of lawsuit

h$.$ Accumulated depreciation$-$Buildings

i$.$ Loss from operating a discontinued segment $($pretax$)$

j$.$ Gain on insurance recovery of tornado damage

k$.$ Net sales

Depreciation expense$-$Buildings

m$.$ Correction of overstatement of prior year's sales $($pretax$)$

n$.$ Gain on sale of discontinued segment's assets $($pretax$)$

o$.$ Loss from settlement of lawsuit

p$.$ Income tax expense

q$.$ Cost of goods sold

Debit

$$35,400$

$27,250$

$107,800$

$19,650$

$53,400$

$17,400$

$25,150$

$496,500$

Problem $17-6$AA $($Algo$)$ Part $4$

$4.$ What is the amount of net income for the year?

Net income