During your examination of the financial statements of Martin Mfg. Co for the year ended Dec 31, 2020, you discover the following: 1. An insurance policy covering 3 years purchased on Jan 1, 2020, for 14,000. The entire amount was debited to Insurance expense. 2. On November 1, 2020, Martin Mfg received a 7000 cash advance for 3 months rent. The 7000 was credited to rent revenue. 3. Net income reported in the 2020 income statement is 27,000 not including above items. Determine the correct amount of net income, disregard taxes. Please show your work.