A company reported the following: Cost of Goods Sold $ 264,000 General, Selling, and Administrative Expenses 13,000 Income Tax Expense 7,800 Inventory 27,500 Net Income 82,400 Sales Revenue 375,000 Sales Discounts 4,900 Sales Returns & Allowances 2,900 What is the amount of gross profit?

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?