Alpha Company provided the following data concerning its income statement:

sales, $885,000; purchases, $371,000; beginning inventory, $230,000; ending inventory, $287,000; operating expenses, $90,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $140,000; and purchases returns & allowances, $47,000. The data is complete and provides the basis for preparation of an income statement. How much is net income?