Powell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $50,000 2) borrowed $35,000 from its bank 3) provided consulting services for $48,000 4) paid back $20,000 of the bank loan 5) paid rent expense for $11,500 6) purchased equipment costing $17,000 7) paid $3,500 dividends to stockholders 8) paid employees' salaries for work completed during the year, $26,000 What is Yowell's net income? Multiple Choice $10,500 $36,500 $8,000 $23,500