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During 2005, the Latrex Corporation had cash and credit sales of $47,000 and $45,500 respectively.

During 2005, the Latrex Corporation had cash and credit sales of $47,000 and $45,500 respectively. The company also collected accounts receivable of $26,700 and incurred expenses of $68,500, 80 percent of which were paid during the year. In addition, Latrex paid $24,000 for a 12-month building rental, beginning on July 1, 2005. Latrex's accrual-basis net income (loss) for 2005 was:

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