Sommer Corporation began the year with cash of $130,000 and land that $55,000. During the year Sommer earned service revenue of $280,000 and had the following expenses: salaries, $159,000; rent, $85,000; and utilities, $25,000. At year-end Sommer's cash balance was down to $19,000. How much net income (or net loss) did Sommer experience for the year?
