Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged...
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Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $54,000 2) borrowed $32,000 from its bank 3) provided consulting services for $52,000 cash 4) paid back $22,000 of the bank loan 5) paid rent expense for $12,500 6) purchased equipment for $19,000 cash 7) paid $3,700 dividends to stockholders 8) paid employees' salaries of $28,000 What is Yowell's net income for Year 1?
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