Reference no: EM133109160

Question - Tulip Company provided the following information for the current year:

Sales 9,500,000

Interest revenue 250,000

Gain sale of equipment 100,000

Revaluation surplus during the year 1,200,000

Share of profit of associate 350,000

Cost of goods sold 5,000,000

Finance cost 150,000

Distribution costs 500,000

Administrative expenses 300,000

Translation loss on foreign operation 200,000

Income tax expense 950,000

Required - What is the net income for the current year?