sales, $1,015,000; purchases, $386,000; beginning inventory, $200,000; ending inventory, $227,000; operating expenses, $120,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns & allowances, $92,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
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