ABC Company which provides services to its customers engages in the following transactions during the first month of operations, January. January 1 Obtains a loan of $50,000. A seven-month, 9% note is signed at the bank. January 5 payment of Furniture is purchased from a supplier at a cost of $34,200. A down $10,700 is made, with the remainder due by the end of January. Services are provided to customers for the first half of the month, January 16 $17,500. Half of the amount is collected in cash. Half of the amount billed of $8,750 is due by the first week of February. January 22 The remaining balance due on the furniture is paid to the supplier. January 31 Pays for electricity bill, utilities, and wages for the month of January, $4,950. The amount of net income for the month of January is: