Yowell Company began operations on January 1. Year 1. During Year 1. the company engaged in the following cash transactions: ? issued stock for $50,000 2) borrowed $30,000 from its bank 3) provided consulting services for $48,000 cash 4) paid back $20,000 of the bank loan 5) paid rent expense for $11.500 6) purchased equipment for $17,000 cash 7) paid $3,500 dividends to stockholders 8) paid employees' salaries of $26.000 What is Yowell's net income for Year 1? Multiple Choice $10,500 $46500