Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:

1. Acquired $34,000 cash from the issue of common stock.

2. Borrowed $46,000 cash from National Bank.

3. Earned cash revenues of $62,000 for performing services.

4. Paid cash expenses of $52,000.

5. Paid a $2,400 cash dividend to the stockholders.

6. Acquired an additional $34,000 cash from the issue of common stock.

7. Paid $12,000 cash to reduce the principal balance of the bank note.

8. Paid $47,000 cash to purchase land.

9. Determined that the market value of the land is $66,000

10. d-1.Determine the net income that Maben would report on the Year 1 income statement.