The following accounts were taken from the Adjusted Trial Balance of a business.

Accumulated Depreciation

$ $3,200$

Fees Revenue

$$70,400$

Depreciation Expense

$$1,500$

Insurance Expense

$$200$

Cash

$$50,000$

Inventory

$$200,000$

Prepaid Insurance

$$4,800$

Supplies

$$1,000$

Supplies Expense

$3,800$

Cost of goods sold

$$40,000$

Interest Expense

$$20,000$

Prepaid Interest $$2,000$

Net income for the period is