Use the following information to determine net income in the financial statements under GAAP: Number of boats to be sold 560 Upstream costs $ 5,300,000 Direct materials per boat $ 56,000 Direct labor per boat $36,000 Overhead per boat $ 26,000 Downstream costs $ 2,300,000 Assume the company wants to sell each boat for 20% more than the cost to produce the boat.

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