Emerald Golf Inc. reported a net cash flow from operating activities of $86,700 on its statement of cash flows for the year ended December 31, 2008. The following information was reported in the cash flows from operating activities section of the statement of cash flows, using the indirect method:
|
Decrease in income taxes payable |
$2,000 |
|
Decrease in inventories |
5,600 |
|
Depreciation |
8,500 |
|
Gain on sale of investments |
3,400 |
|
Increase in accounts payable |
1,200 |
|
Increase in prepaid expenses |
700 |
|
Increase in accounts receivable |
4,300 |
Determine the net income reported by Emerald Golf Inc. for the year ended December 31, 2008.