In tax year 1. an electronics-packaging firm had a gross income of $35,000,000. $7,000,000 in salaries. $8,000,000 in wages. $700,000 in depreciation expenses, a loan principal payment of $200,000. and a loan interest payment of $150,000. Determine the net income of the company in tax year 1. Click the icon to view the corporate tax schedule for 2015. The net income of the company in tax year 1 is $ (Round to the nearest dollar.)