Alpha Company provided the following data concerning its income statement: sales, $965,000; purchases, $485,000; beginning inventory, $220,000; ending inventory, $272,000; operating expenses, $96,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $137,000; and purchases returns & allowances, $38,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?