Wilhelm Company started a new business on September 1, 2021. That same day, Wilhelm Company also received $80,000 of cash from issuing common stock and borrowed $130,000 from a friend. On September 1, 2021 Wilhelm Company also purchased equipment for $86,400. The equipment has a useful life of 36 months. On September 1, 2021, Wilhelm also paid $54,000 of cash to rent office space for a 36 month period. During 2021, the Company provided services valued at $16,800 and had collected $8,400 of that amount at year-end. The company will collect the remaining portion in the following year.The company's payroll for 2021 was $11,200, which was paid in full during 2021. Use this information to find the company's net income