Alpha Company provided the following data concerning its income statement: sales, $955,000; purchases, $407,000; beginning inventory, $215,000; ending inventory, $277,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $19,000; purchases discounts, $15,000; sales returns & allowances, $86,000; 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?