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Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $497,000; beginning inventory,...

Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $497,000; beginning inventory, $225,000; ending inventory, $257,000; operating expenses, $90,000; freight-in, $5,000; sales discounts, $15,000; purchases discounts, $15,000; sales returns & allowances, $86,000; and purchases returns & allowances, $41,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?

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