In its first year of operations,MariaCorp. earned $48,100in service revenue. Of that amount, $8,200was on account and the remainder, $39,900, was collected in cash from customers.

The company incurred various expenses totalling $32,300, of which $28,800was paid in cash. At year end, $3,500was still owing on account. In addition,Mariaprepaid $2,000for insurance coverage that covered the last half of the first year and the first half of the second year.Mariaexpects to owe $3,000of income tax when it files its corporate income tax return after year end.

Calculate the first year's net income under the cash basis of accounting.

Net income under cash basis_______

(enter net income under cash basis in dollars)