Required information [The following information applies to the questions displayed below.] Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $58,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31,2020 . On that date, the following financial items for the year were determined: cash on hand and in the bank, $53.500; amounts due from customers from sales of books, $28,800; equipment, $57,000; amounts owed to publishers for books purchased, $9,300; one-year notes payable to a local bank for $5,700. No dividends were declared or paid to the stockholders during the year. 2. Using the retained earnings equation and an opening balance of $0, work backwards to compute the amount of net income for the year ended December 31, 2020