A company which lost part of its accounting system in a fire is having trouble determining what its net income is for the current year.The following correct adjusted balances and additional information for the current year are available: 
Additional information for the year: 
Other than earnings and the events listed above,no other events or transactions affected owners' Equity in the current year.What was net income for the current year?
Definitions:
Guarantor
A person or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.
Jointly
Involves two or more parties working together or sharing a specified obligation or liability.
Severally Liable
When individuals or entities are individually responsible for their own proportion of liability in a debt or claim, instead of being collectively responsible.
Principal Relationship
A legal relationship between two parties in which one, the agent, is authorized to act on behalf of the other, the principal, in business transactions.
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