Before making its year-end adjustments, the net income for Gannet Company was $80,000

Before making its year-end adjustments, the net income for Gannet Company was $80,000. Year-end adjusting entries are necessary for the following items:

1. Office supplies used up during the year totaled $3,200

2. Interest accrued to December 31 on note payable to the bank totaled $900

3. Services performed for clients but not yet collected totaled $2,600.

Calculate Gannet Company’s net income for the year after the necessary adjustments are made.

Here’s the SOLUTION

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