Tinnell Industries had gross sales of $30,000 for the year. Its cost for the goods sold was $18,000.

Tinnell Industries had gross sales of $30,000 for the year. Its cost for the goods sold was $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount.Based on these facts, what is its gross income for the year?

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