The assets, liabilities, owner's equity, revenue, expenses of Philpott Company, a proprietorship, have the following final balances at December 31, 2020, the end of its first year of business. To start the business, Brian Philpott invested $90,000. Note payable Utilities expense Accounts payable B. Philpott, Capital Service Revenue Accounts receivable Supplies expense Equipment $50,000 Office furniture 18,000 Rent expense 12,000 Cash 90,000 Office supplies 610,000 Salary expense 35,000 Salary payable 30,000 Research expense 100,000 $50,000 48,000 15,000 14,000 430,000 5,000 27,000 Prepare the income statement of Philpott Company for the year ended December 31, 2020. What is Philpott Company's net income or net loss for 2020? (Hint: ignore balance sheet items)