Computation of Income Retail Corporation purchased inventory for $60,000 during 2000 and sold 70 percent of the inventory prior to the end of the year for

$210,000. It paid salary and wages of $36,000 during 2000 and owed employees an additional $9,000 for work performed prior to the end of the year. On January 1, 2000, Retail Corporation paid $180,000 for a three-year lease on the building that it uses as its warehouse and sales facility. It also paid real estate and income taxes totaling $17,000 for the year. Compute Retail Corporation’s net income for 2000.