Question 11 (7 points) During 2018, Towson Company had credit sales of $52,000 and cash sales of $15,000. In 2018 Towsoncollected $31,000 of accounts receivable resulting from sales on credit, Towson incurred operatingexpenses of $65,000; of this amount, $42,900 was paid in 2018, and the remaining balance representeda liability at year-end. In addition to these operating expenses, Towson also purchased for cash a th ree— year insurance policy on January 1, 2018, The cost of this policy was $9,000. What is Towson's 2018accrual basis net income or loss? Enter a loss as a negative number.