Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $62,000 2) borrowed $47,000 from its bank 3) provided consulting services for $60,000 4) paid back $26,000 of the bank loan 5) paid rent expense for $14,500 6) purchased equipment costing $23,000 7) paid $4,100 dividends to stockholders 8) paid employees' salaries for work completed during the year, $32,000 What is Yowell's net income