During Year 1, Woozit Widget Company performed services for which customers paid or promised to pay a total of $595,304. Of this amount, $550,763 had been collected by year-end. Woozit paid $328,840 in cash for the employee wages and owed the employees $13,782 at the end of the year for work that had been done but not been paid for. Woozit paid interest expense of $4,663 and paid $189,607 for other various expenses. Woozit declared and paid dividends of $20,416. There were no other transactions. Based on the information above, determine Woozit's net income (loss) in Year 1
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