Powell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $48.000 2) borrowed $33.000 from its bank 3) provided consulting services for $46,000 4) paid back $19,000 of the bank loan 5) paid rent expense for $11,000 6) purchased equipment costing $16,000 7) paid $3.400 dividends to stockholders 8) paid employees' salaries for work completed during the year, $25,000

What is Yowells net income?