In the period 2011, Lott Inc. performed services for $120,000 and billed its customers. The company subsequently collected $82,000 of the amount billed. Lott Incurred $75,000 of operating expenses but pald cash for only $62,000 of that amount. Lott acquired $30,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. What is the amount of net income for the period? Multiple Choice $20,000 $45,000. $7,000. $27,000