The financial manager at Hartco. Co, recently reported $180,000 of sales during the year 2016. The company had $18,500 of outstanding bonds carrying 6.75% interest rate. Operating costs were $87,000 other than depreciation, and the firm was facing $11,400 as depreciation. Noting that the federal-plus-state income tax rate was 40%. What is the firm's net income at the end of the year 2016? *