Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $70,000 2) borrowed $55,000 from its bank 3) provided consulting services for $68,000 4) paid back $30,000 of the bank loan 5) paid rent expense for $16,500 6) purchased equipment costing $27,000 7) paid $4,500 dividends to stockholders 8) paid employees' salaries for work completed during the year, $36,000 What is Yowell's net income? .