Alpha Company provided the following data concerning its income statement: sales, $1,025,000; purchases, $365,000; beginning inventory, $260,000; ending inventory, $262,000; operating expenses, $96,000; freight-in, $5,000; sales discounts, $15,000; purchases discounts, $15,000; sales returns & allowances, $125,000; and purchases returns & allowances, $44,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?