Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:

  1. 1) issued stock for $68,000
  2. 2) borrowed $39,000 from its bank
  3. 3) provided consulting services for $66,000 cash
  4. 4) paid back $29,000 of the bank loan
  5. 5) paid rent expense for $16,000
  6. 6) purchased equipment for $26,000 cash
  7. 7) paid $4,400 dividends to stockholders
  8. 8) paid employees’ salaries of $35,000

What is Yowell’s net income for Year 1?