Hampton Industries had $60,000 in cash at year-end 2020 and $28,000 in cash at year-end 2021. The firm invested in property, plant, and equipment totaling $120,000 — the majority having a useful life greater than 20 years and falling under the alternative depreciation system. Cash flow from financing activities totaled +$120,000. If accruals increased by $10,000, receivables and inventories increased by $80,000, and depreciation and amortization totaled $11,000, what was the firm's net income?