Yowell Company began operations on January 1, Year 1.

During Year 1, the company engaged in the following cash transactions:

1) issued stock for $46,000

2) borrowed $28,000 from its bank

3) provided consulting services for $44,000 cash

4) paid back $18,000 of the bank loan

5) paid rent expense for $10,500

6) purchased equipment for $15,000 cash

7) paid $3,300 dividends to stockholders

8) paid employees' salaries of $24,000 What is Yowell's net income for Year 1?