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

1. issued stock for $58,000
2. borrowed $34,000 from its bank
3. provided consulting services for $57,000 cash
4. paid back $24,000 of the bank loan
5. paid rent expense for $13,500
6. purchased equipment for $21,000 cash
7. paid $3,900 dividends to stockholders
8. paid employees' salaries of $30,000

What is Yowell's net income for Year 1?

a) $13,500

b) $43,500

c) $9,600

d) $26,100