Monroe Minerals Company purchased a copper mine for $127,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 7,400 tons of copper. The copper was sold for $5,900 per ton. Assume that the company incurred $8,890,000 in operating expenses during Year 1. Based on this information, how much net income would Monroe report in Year 1?