On January 1, 20X5, Wren Co. leased a building to Brill under an operating lease for 10 years at $50,000 per year, payable the first day of each lease year. Wren paid $15,000 to a real estate broker as a finder's fee. The building is depreciating $12,000 per year. For 20X5, Wren incurred insurance and property tax expenses totaling $9,000. Wren's net rental income for 20X5 should be:.

a) $27,500.

b) 9,000.

c) $35,000.

d) $36,500.