Sunset Telecom Income Statement for the year ended December 31, 2024:
Revenues $618,000
Expenses:
Cost of Goods Sold $366,000
Operating Expenses $119,000
Depreciation Expense $27,000
Income Tax Expense $53,000
Total Expenses $565,000
Net Income $53,000
Sunset Telecom Selected Balance Sheet Data December 31, 2024:
Increase in Accounts Receivable $5,100
Increase in Inventory $11,400
Decrease in Prepaid Rent $9,700
Increase in Operating Expenses Payable $5,600
Decrease in Accounts Payable $6,800
Increase in Income Tax Payable $21,200
What is Sunset Telecom's net income for the year ended December 31, 2024?
A. $53,000
B. $618,000
C. $565,000
D. $489,000