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Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $80,000

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:

  1. 1) issued stock for $80,000
  2. 2) borrowed $45,000 from its bank
  3. 3) provided consulting services for $79,000 cash
  4. 4) paid back $35,000 of the bank loan
  5. 5) paid rent expense for $19,000
  6. 6) purchased equipment for $32,000 cash
  7. 7) paid $5,000 dividends to stockholders
  8. 8) paid employees' salaries of $41,000

What is Yowell's net income for Year 1?

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