Assume the following facts about a Nevada rental property:

The apartment complex has the following attributes:

Rental income	$ 24,000
Property expenses	$ 11,000
Interest expense	$ 5,000
Land Cost	$ 40,000
Building Cost	$ 160,000
Building Accumulated Depreciation	($ 16,000)
Debt	$ 100,000
Equity	$ 100,000

Assume that there is only one building asset being depreciated which was purchased in a prior year (and the current year depreciation will be the same as the prior amount). 1. What is the GAAP net income? 2. What is the Net Operating Income (assume no vacancy allowance)? 3. What would Funds from Operations (FFO) be if this was a REIT?