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Susans Consulting experienced the following transactions for Year 1, its first year of operations, and...

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Accounting

Susans Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash.
Transactions for Year 1:
Acquired $50,000 by issuing common stock.
Received $100,000 cash for providing services to customers.
Borrowed $15,000 cash from creditors.
Paid expenses amounting to $60,000.
Purchased land for $40,000 cash.
Transactions for Year 2:
Acquired an additional $20,000 from the issue of common stock.
Received $130,000 for providing services.
Paid $10,000 to creditors to reduce loan.
Paid expenses amounting to $75,000.
Paid a $15,000 dividend to the stockholders.
Determined that the market value of the land is $50,000.
What is Susan's Net Income for Year 1?
Do not enter dollar signs or commas in your answer.

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