On January 1, Year 1, Monroe Minerals Company purchased a copper mine for $125,500,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 7100 tons of copper. The copper was sold for $5,600 per ton. Assume that the company incurred $8,785,000 in operating expenses during Year 1. What is the amount of net income for Year 1? 37:08