The following events apply to East Italia Industries, for the 2020 accounting period, its first year of operations: 1) The business issued $60,000 of common stock to its stockholders. 2) Services were provided to customers for $27,000 cash. 3) Services were provided to customers for $16,000 on account. 4) The business received $26,000 cash from a Notes Payable. 5) Operating expenses of $27,000 were incurred and paid in cash. Calculate the amount of net income at the end of 2020