The ABC Company recorded revenues during the year 2008 of $209,000. The Company had balances in the following accounts:
Rent Expense $48,000
Wages Payable 22,000
Gain on Equipment Sale 15,000
Operating Expense 85,000
Prepaid Rent 18,000
Wage Expense 70,000
Unearned Revenue 11,500
Calculate the ABC Company Net Income (Net Loss) for 2008. Provide all supporting calculations.