The Sarver Farm has completed the fall harvest with 60,000 bushels of premium wheat. The wheat cost $120,000 from planting to harvest and the market price of the wheat on the day it is placed in the silo is $3.50 per bushel. Sarver sells 48,000 bushels in Year 1 and holds the remaining 12,000 until Year 2 when it sells for $4.00 per bushel. Using the market price (production) method, how much net income should Sarver recognize in Year 1