XYZ Company began operations in 2019 and entered into the following transactions during the year: May 1 : Sold common stock to owners for $200, 000…

entered into the following transactions during the Sold common stock to owners $200, cash.Purchased inventory costing $40, on account.Purchased equipment $48, cash. The equipmentwas assigned a -year life a $6, residualvalue.Purchased a two-year insurance policy $24, cash.Sold one-half of the inventory that was purchased onMay to a customer $49,; the customer did pay the goods, but agreed to pay XYZ Companywithin ninety days.November : Paid stockholders $10, cash as a dividend.December : Collected a $22, partial payment from the customerwho purchased the inventory on October .December : Recorded adjusting entries related to the equipment the prepaid insurance.Calculate the amount of net income that XYZ Company would report its income statement after all the above transactions are recorded all necessary adjusting entries are made posted.

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