Monroe Minerals Company purchased paper. The copper mine for $126,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted. 7,200 tons of copper. The copper was sold for $5,700 per ton. Assume that the company incurred $7,820,000 in operating expenses during Year 1. Based on this information, how much net income would Monroe report in year 1?