During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay a total of $581,595. Of this amount, $555,256 had been collected by year-end. Woozit paid $315,506 in cash for the employee wages and owed the employees $12,564 at the end of the year for work that had been done but not been paid for. Woozit paid interest expense of $3,866 and paid $183,874 for other various expenses. Woozit declared and paid dividends of $22,708. There were no other transactions. Based on the information above, determine Woozit's net income (loss) in Year 1.