The following information was taken from the accounting records of XYZ Company for the year ended December 31, 2021:

Utilities payable ........... $12,000

Trademark ................... ?

Retained earnings ........... $37,000 (at January 1, 2021)

Inventory ................... $26,000

Accumulated depreciation .... $15,000

Cash ........................ $11,000

Mortgage payable ............ $30,000 (due April 1, 2024)

Cost of goods sold .......... $35,000

Building .................... ?

Income tax expense .......... $24,000

Patent ...................... $17,000

Utilities expense ........... ?

Interest revenue ............ $55,000

Accounts payable ............ $27,000

Dividends ................... ?

Notes payable ............... $39,000 (due October 1, 2022)

Accounts receivable ......... $36,000

Sales revenue ............... $94,000

Equipment ................... $79,000

Common stock ................ $81,000

Advertising expense ......... $14,000

Supplies .................... $21,000

The following additional information is available: 1. The total P-P-E at December 31, 2021 was double the amount of total current liabilities at December 31, 2021.

2. 25% of XYZ Company's 2021 net income was paid to stockholders as dividends.

3. Total equity at December 31, 2021 was equal to $163,000.

Calculate the amount of gross profit earned by XYZ Company during 2021. Do not use decimals in your answer