Question - Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:
1) issued stock for $68,000
2) borrowed $39,000 from its bank
3) provided consulting services for $66,000 cash
4) paid back $29,000 of the bank loan
5) paid rent expense for $16,000
6) purchased equipment for $26,000 cash
7) paid $4,400 dividends to stockholders
8) paid employees' salaries of $35,000
What is Yowell's net income for Year 1?