Given the Following information, answer the question below. Mad Hatter's Inc. had the following balances at the beginning of the year for its various accounts: Beginning Balance: Land 25,000 Building 12,000 Cash 90,000 43,000 Note Payable Hat Inventory Accts. Payable 2,000 1,000 Accts. Receivable 11,000 Utility Expense 3,500 Payable Cap. Stock (1250 shs) 2,500 Sales Revenue 0 COGS 0 Utility Expense 0 Dividends 0 Retained Earnings 90,000 There were the following transactions during the year: There were the following transactions during the year: Debit Credit a) Inventory 10,000 Cash 5,000 Acct. Payable 5,000 b) Note Payable 20,000 Cash 20,000 c) Acct. Receivable 25,000 Sales Revenue 25,000 Cost of Goods Sold 8,000 Inventory 8,000 d) Utility Expense 3,500 Utility Expense Payable 3,500 e) Dividends 5,000 Cash 5,000 Note: Remember that amounts listed as the beginning balance are all positive, but certain accounts are a debit balance when positive (like cash), and some accounts are a credit balance when positive (like notes payable) What is the Net Income of Mad Hatter's Inc. for the year