Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $425,000; beginning inventory, $265,000; ending inventory, $302,000; operating expenses, $117,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $134,000; 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?