Select information is extracted from the Bags Company’s reco…

Select information is extracted from the Bags Company’s records before closing entries on Dec. 31, 2024Cash$ 20,000Supplies4,000Prepaid rent6,000Interest revenue1,000Inventory15,000Cost of Goods Sold160,000Salaries expense120,000Equipment150,000Sales revenue400,000Miscellaneous expenses2,000Utilities expense10,000Accounts payable25,000Common stock200,000Depreciation expense30,000Accounts receivable40,000Retained earnings, Jan 160,000What is the amount of net income reported for the period ending Dec. 31, 2024?