Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Smith invested $35,000 cash in the business. 2. Smith contributed $120,000 of equipment to the business. 3. The company paid $4,000 cash to rent office space for the month. 4. The company received $26,000 cash for repair services provided during March. 5. The company paid $8,200 for salaries for the month. 6. The company provided $5,000 of services to customers on account. 7. The company paid cash of $700 for monthly utilities. 8. The company received $5,100 cash in advance of providing repair services to a customer. 9. Smith withdrew $7,000 for his personal use from the company. Based on this information, net income for March would be