4. Layton Development Inc. recently reported $145,000 of sales, $75,500 of operating costs other than depreciation, and $9,600 of depreciation. The company had $20,000 of outstanding bonds that carry a 5.5% interest rate, and its federal-plus-state income tax rate was 21%. How much was the firm's net income? The firm uses the same depreciation expense for tax and stockholder reporting purposes. (Round your intermediate and final answers to two decimal places.)