The following is selected information from Ace Corporation f…
The following is selected information from Ace Corporation for the fiscal year ending October 31, 202x.Cash received from customers – $300,000Revenue recognized – $440,000Cash paid for expenses – $170,000Cash paid for computers on November 1st that will be used for the next 3 years – $48,000Expenses incurred including any depreciation – $216,000Proceeds from a bank loan, part of which was used to pay for the computers – $100,000Using on the accrual basis of accounting, what is Ace Corporation’s net income for the year ending October 31, 2025? Select answer from the options below