Thompson Corporation began the year with cash of

$133,000

and land that cost

$47,000

. During the year Thompson earned service revenue of

$245,000

and had the following expenses; salaries,

$185,000

; rent,

$89,000

; and utilities,

$30,000

. At year-end Thompson's cash balance was down to

$18,000

. How much net income (or net loss) did Thompson experience for the year?

Thompson Corporation began the year with cash of $133,000 and land that cost $47,000. During the year Thompson earned service revenue of $245,000 and had the following expenses: salaries, $185,000; rent, $89,000; and utilities, $30,000. At year-end Thompson's cash balance was down to $18,000. How much net income (or net loss) did Thompson experience for the year