ABC Company has the following balances: Accounts payable: $20,000 Accounts receivable: $25,000 Cash: $ 10,000 Common stock: $ 50,000 Dividends: $ 5,000 Equipment: $200,000 Notes payable: $ 40,000 Rent expense: $20,000 Retained earnings (beginning balance): $ 90,000 Service revenue: $ 100,000 Supplies: $ 10,000 Wage expense: $ 30,000 How much is net income? Answer: 1