On January 1, 2019, Parseghian Co. has the following balances: Projected benefit obligation $2,100,000 Fair value of plan assets 1,800,000 The settlement rate is 10%. Other data related to the pension plan for 2019 are: Service cost $180,000 Amortization of prior service costs due to increase in benefits 60,000 Contributions 300,000 Benefits paid 145,000 Actual return on plan assets 237,000 Amortization of net gain 18,000 The fair value of plan assets at December 31, 2019 is

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.