Jeep dealership reported the following information. The jeeps have a standard 2 year warranty, and the company offers an extended warranty. Everyone bought the extended warranty at the time of sale.

• Sales price 500,000
• Cost of goods sold 350,000
• Extended warranty sales price 31,000

Estimated costs for warranty

• Standard warranty 5,000
• Extended warranty 20,000

Actual cost of warranty work performed

• Warranty cost in 20X1 = 3,000
• Warranty cost in 20X2 = 3,000
• Warranty cost in 20X3 = 13,000
• Warranty cost in 20X4 = 14,000

Assuming no taxes, what is the net income or (loss), revenues less expenses, recognized in 20X4 from this sale?