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 B) paid employees salaries of $25,000 What is Yowell's net income for Year 1