ABC TRADING established its first branch on May 1,2020. During the first month of operation, the HO shipped merchnadise to the branch worth 138,000 which included a markup of 15% on cost. Cash sales were 80,000 while sales on credit were 250,000. At months end, the branch reported operating expenses of 38,000 and a closing inventory of 23,000.

As far as HO is concerned, how much is the true net income for May 2020?