Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $48,000 2) borrowed $29,000 from its bank 3) provided consulting services for $47,000 cash 4) paid back $19,000 of the bank loan 5) paid rent expense for $11,000 6) purchased equipment for $16,000 cash 7) paid $3,400 dividends to stockholders 8) paid employees' salaries of $25,000 What is Yowell's net income for Year 1? What is Yowell's net income for Year 1? Multiple Choice O $21,600 O $36,000 O O $11,000 O $7,600