Alpha Company provided the following data concerning its income statement: sales, $1,025,000; purchases, $413,000; beginning inventory, $275,000; ending inventory, $297,000; operating expenses, $120,000; freight-in, $5,000; sales discounts, $27,000; purchases discounts, $15,000; sales returns & allowances, $95,000; and purchases returns & allowances, $41,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?