Ace Corporation has provided the following information for its most recent year of operation:

• Cash collected from customers totaled $89,300.
• Cash borrowed from banks totaled $31,700.
• Cash paid to employees for salaries totaled $32,100.
• Cash received from selling Ace Corp. common stock to stockholders totaled $41,000.
• Cash payments to banks for repayment of money borrowed totaled $7,500.
• Cash paid to suppliers totaled $12,500.
• Land costing $25,000 was sold for $26,000 cash.
• Cash paid for dividends to stockholders totaled $3,300.
• 1b. How much is net income on Aces accrual based Income Statement?