s8 In tax year 1, an electronics-packaging firm had a gross income of $38,000,000, $8,000,000 in salaries, $9,000,000 in wages, $700,000 in depreciation expenses, a loan principal payment of $300,000, and a loan in,vemo$70,000 in $300,000, and a loan interest payment of $250,000. Determine the net income of the company in tax year 1 . Click the icon to view the corporate tax schedule for 2015. The net income of the company in tax year 1 is $.(Round to the nearest dollar.)