Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $7,000 of common stock to stockholders. Provided $3,300 of services on account. Paid $1,850 cash for operating expenses. Collected $2,400 of cash from accounts receivable. Paid a $150 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is:

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)