Flora Corporation provides organic vegetable to large supermarkets in California. At the end of 2015, the company reported the following amounts:

Sales revenue:                                          $801,726

Cost of Goods Sold:                                  $333,618

General and administrative expenses:         $205,382

Purchase of a building:                              $185,000                                                                  

In addition, the company declared $18,000 dividends to its shareholders in December 2015.

What is the net income/ (loss) of 2015?

2. Co. signed a 1-year, 12%, $300,000 note payable on July 1, 2015. Interest is due upon maturity of the note. As of December 31, 2015, what would be the adjusting entry be?