On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The

store completed its first year of operations on December 31, 2022. financial items for the year were determined:

On that date, the following

Cash on hand and in the bank $73,350

Amounts due from customers for the sales of merchandise $39,000

Office equipment $72,000

Amounts owed to suppliers for merchandise inventory $12,000

One-year note payable to a local bank $3,000

Retained Earnings at Dec 31, 2022 $19230

No dividends were declared or paid to shareholders during the year.

What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income Dividends = Ending Retained Earnings] to solve for net income.)