Kell Corp’s 95000 U.S.GAAP net income for the quarter ended September 30, Year 1 included the following after-tax items:
- A 60000 gain on sale of equipment, realized on April 30, Year 1, was allocated to the second, third , and forth quarters;
- A 16000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2,Year 1.
In addition, Kell paid 48000 on February 1,Year 1, for Year 1 calendar-year property taxes. Of this amount, 12000 was allocated to the third quarter of Year 1.
For the quarter ended September 30,Year 1, Kell should report net income of: ( )