Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $52,000 2) borrowed $31,000 from its bank 3) provided consulting services for $50,000 cash 4) paid back $21,000 of the bank loan 5) paid rent expense for $12,000 6) purchased equipment for $18,000 cash 7) paid $3,600 dividends to stockholders 8) paid employees' salaries of $27,000 What is Yowell's net income for Year 1?