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During 2024, Peaceful River Spa reported revenue of $50,000. Total expenses for the year were $47,000. Peaceful River Spa ended the year with total assets of $19,000, and it owed debts totaling $8,000. At year-end 2023, the business reported total assets of $16,000 and total liabilities of $8,000.
Question 1: Compute Peaceful River Spa's net income for 2024.
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