Alpha Company provided the following data concerning its income statement: sales, $1,020,000; purchases, $488,000; beginning inventory, $260,000; ending inventory, $247,000; operating expenses, $111,000; freight-in, $5,000; sales discounts, $17,000; purchases discounts, $15,000; sales returns & allowances, $83,000; 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?