Joan Demers launched a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Demers executed the following transactions. Demers (owner) invested in the company, $150,000 cash and $30,000 in property and equipment. The company issued common stock to Demers. The company paid $5,000 cash for rent of office furnishings and facilities for March. The company performed services for clients and immediately received $10,000 cash earned. The company performed services for clients and sent a bill for $20,000 with payment due within 60 days. The company compensated an office employee with $6,000 cash as salary for March. The company received $12,000 cash as partial payment on the amount owed from clients in the 4th transaction above. The company paid $2,000 cash in dividends to Demers (owner). What is the net operating income for the month of March