Bowen Company makes two products from a joint production process. Each product may be sold at the split-off point or processed further and then sold. Information concerning these products for last year is given below: Product X Product Y Allocated joint costs .................... $25,000 $19,000 Sales value after further processing ..... $41,000 $47,000 Sales value at the split-off point ....... $28,000 $23,000 Additional processing costs .............. $16,000 $19,000 Assume that Bowen Company makes all the correct sell or process further decisions. Calculate the net income reported by Bowen Company last year.