The following balances were found on STANLEY Supplies Corpor…
The following balances were found on STANLEY Supplies Corporation’s trial balance as of December 31, 2027 (in absolute numbers): Accounts payable $2,437,500 Accounts receivable 8,531,250 Accumulated depreciation, equipment 1,828,125 Cash 14,137,500 Common stock 9,189,375 Cost of goods sold 16,453,125 Dividends 1,218,750 Equipment 7,312,500 Land 3,046,875 Note payable due within 6 months 2,193,750 Retained earnings 12,309,375 Sales 21,937,500 Selling and administrative expenses 219,375 Supplies 1,974,375 Unearned revenue 2,998,125 STANLEY’S net income for the year ending December 31, 2027 is