In tax year 1, an electronics-packaging firm had a gross income of $35,000,000, $6,000,000 in salaries, $7,000,000

Question:

In tax year 1, an electronics-packaging firm had a gross income of $35,000,000, $6,000,000 in salaries, $7,000,000 in wages, $800,000 in depreciation expenses, a loan principal payment of $200,000, and a loan interest payment of $150,000. Determine the net income of the company in tax year 1.