Post Utme Veritas University 2018 Accounting Question 7

A company's trial balance as at December 31, 2022, is as follows: Debit ₦ 50,000 Cash ₦ 20,000 Accounts Payable ₦ 30,000 Equipment ₦ 10,000 Salaries Payable ₦ 40,000 Notes Payable ₦ 20,000 Accounts Receivable ₦ 15,000 Prepaid Rent ₦ 25,000 Inventory ₦ 35,000 Common Stock ₦ 45,000 Retained Earnings Credit ₦ 60,000 Sales Revenue ₦ 25,000 Rent Expense ₦ 30,000 Salaries Expense ₦ 20,000 Utilities Expense ₦ 15,000 Depreciation Expense ₦ 40,000 Cost of Goods Sold What is the company's net income for the year?