Al Pacacino Corporation had revenues of $204,000 in its first year of operations. The company has not collected on $20,000 of its sales and still owes $25,000 on $123,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $15,000 in salaries (out of $23,000 accrued). Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $2,050 in interest (same as the amount owed for the year). Assume no income tax expense.

Compute net income for the first year for Al Pacacino Corporation