During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2020, you discover the following:

An insurance policy covering three years was purchased on January 1, 2020, for $3,000. The entire amount was debited to insurance expense and no adjusting entry was made for this item.

There were no supplies listed in the balance sheet under assets as all supplies are expensed immediately when purchased. However, you discover that supplies costing $750 were on hand at December 31.

Equipment that cost $10,000 and was being depreciated over 10 years with no salvage value was not depreciated during 2020.

Net income reported in the 2020 income statement is $35,000 before reflecting any of the above items.

Determine the proper amount of net income for 2020

Please, provide some detail.