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Question - Prospect Company began operations on May 1, 2019, and experienced the following events during the year:
1. Purchased $80,000 of merchandise inventory for cash
2. Sold all the merchandise for $120,000 cash and guaranteed the merchandise sold to be free from defects for one year following the date of sale.
3. Paid $25,000 cash for salaries expense.
4. Estimated future warranty liability of $1,200 (1% of sales).
5. Paid $800 cash to repair defective merchandise returned by a customer
Required - What is Prospect Company's net income for 2019?
a. $13,000
b. $13,800
c. $14,600
d. $93,800
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