The records of Summers Building Company reveal the following information for 2018. Cash receipts during 2018 (including $50,000 paid by shareholders in exchange for common shares) were $259,990. Cash payments during 2018 (including $14,200 of dividends paid to shareholders) were $164,850. Total selling price of services billed to customers during 2018 was $216,900. Salaries earned by employees during 2018 were $117,200. Cost of supplies used during 2018 in operation of the business was $57,980. Calculate Summers Building Company's net income for 2018 on a cash basis.