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 $78,000 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?