During its first year of operations, Silver Company paid $7,000 for direct materials and $9,500 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,500 while general, selling, and administrative expenses totaled $4,000. The company produced 5,000 units and sold 3,000 units at a price of $7.50 a unit. What was Silver's net income for the first year in operation?

	a.	$6,000
	b.	$14,000
	c.	$3,500
	d.	$18,500