These items are taken from the financial statements of Concord Corp. on December 31, 2018.

Buildings		$211,600
Accounts receivable		25,200
Prepaid insurance		9,360
Cash		23,680
Equipment		164,800
Land		122,400
Office expense		1,160
Income tax expense		400
Depreciation expense		10,600
Interest expense		5,200
Common shares		124,000
Retained earnings (January 1, 2018)		80,000
Accumulated depreciationbuilding		91,200
Accounts payable		16,800
Income taxes payable		2,200
The bank loan payable (due July 1, 2020)		187,200
Accumulated depreciationequipment		37,440
Interest payable		7,200
Sales		28,360

Calculate the net income for the year