Borrowed $125,000 from a bank, signing a short-term note payable. Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash. Purchased equipment for $175,000

Borrowed $125,000 from a bank, signing a short-term note payable. Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash. Purchased equipment for $175,000 in cash. Incurred and paid employee wages of $2,250. Received $745 on account from a customer. Incurred and paid $4,200 cash for travel costs during the year. Paid $8,000 cash on accounts payable. Incurred $22,500 in utility expenses during the year, of which $16,900 was paid in cash and the rest owed on account. Need finding preliminary net income

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