YWQ Company reported the following account balances at January 1, 2021 (note it is not necessary to calculate the balances for cash or notes payable in order to solve this problem): Accounts Payable Accounts Receivable Cash Common Stock Inventory Land Notes Payable Patent Retained Earnings $29.000 $52,000 ? $90,000 $67,000 $63,000 ? (due July 1, 2022) $99,000 $45,800 (at January 1, 2021) During 2021, YWQ Company entered into the following transaction: March 9: Sold the land for $51,000 cash. April 18 Purchased supplies costing $29,000 on account. June 12: Sold one-half of its inventory to a customer for $140,000. The customer paid 21% down and agreed to pay the remainder at a later time. August 14: Paid $26,000 cash to stockholders as a dividend. October 3: Received a partial payment of $11,000 from the customer who purchased the inventory on June 12. December 31: Received a $16,000 bill from the utility company. YWQ will pay the bill next month. 1 Calculate the amount of net income reported in YWQ Company's 2021 income statement