These items are taken from the financial statements of Ayayai Corp. at December 31, 2018. Buildings Accounts receivable Prepaid insurance Cash Equipment $190,440 22,680 8,424 21,312 148,320 Land Office expense 110,160 1,044 Income tax expense 360 Depreciation expense 9,540 Interest expense 4,680 Common shares 111,600 Retained earnings (January 1, 2018) 72,000 Accumulated depreciation-building 82,080 Accounts payable 15,120 Income taxes payable 1,980 Bank loan payable (due July 1, 2020) 168,480 Accumulated depreciation-equipment 33,696 Interest payable 6,480 Sales 25,524 Calculate the net income for the year. Net income/(loss) $