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 $76,000
2. 2) borrowed $43,000 from its bank
3. 3) provided consulting services for $75,000 cash
4. 4) paid back $33,000 of the bank loan
5. 5) paid rent expense for $18,000
6. 6) purchased equipment for $30,000 cash
7. 7) paid $4,800 dividends to stockholders
8. 8) paid employees' salaries of $39,000

What is Yowell's net income for Year 1?

Multiple Choice

• $18,000

• $57,000

• $13,200

• $34,200