During January, the company engaged in the following cash transactions: 1) issued stock for $40,000 2) provided services for $35,000 cash 3) borrowed $25,000 from its bank 4) paid $2,000 dividends to stockholders 5) paid $7,000 for supplies 6) paid $3,000 for this month's rent 7) paid back $8,000 of the bank loan 8) paid $5,000 for employees' salaries for January What is net income for the month? $28,000 $20,000 $25,000 $27,000 $33,000