RECOMMENDED!!ACCT 2100-Yowell Company began operations on January 1, Year 1

  

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:1) issued stock for $68,0002) borrowed $39,000 from its bank3) provided consulting services for $66,000 cash4) paid back $29,000 of the bank loan5) paid rent expense for $16,0006) purchased equipment for $26,000 cash7) paid $4,400 dividends to stockholders8) paid employees’ salaries of $35,000What is Yowell’s net income for Year 1?

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