What is the net income for the period year. The institution adjusts the books only at end of the year. The following is the unadjusted trial balance and some other info for December 31, 2019.

Accounts payable: 5,000

Accounts receivable: 4,000

Cash: 26,000

Common stock: 20,000

Dividends: 3,000

equipment: 16,000

Government contract revenue: 17,000

Prepaid rent: 4,000

Private sector revenue: 8,000

Retained earnings: 10,000

supplies: 2,000

Unearned revenue: 5,000

Wages expense: 10,000

1. Prepaid rent was recorded on November 21, when the company paid four months rent in advance for December 1st through march 31st.

2. A count of supplies on Dec 31 determined that 850 remained.

3. In early Dec, the company received 5,000 from the state of MA for services in advance. During the month, the institution earned 70% of the revenue.

4. Wages of 14,000 are paid at the end of every week. The current pay period is Dec 30th - Jan 5th.

After adjusting entries, what is the institutions net income for the period year?