At the end of Year Seven, Ace Company has the following account balances: accounts receivable - $70,000, advertising expense - $20,000, cash - $50,000, contributed capital - $150,000, cost of goods sold - $100,000, dividend distributions - $10,000, inventory - $90,000, machinery (net) - $410,000, notes payable (due in Year Ten) - $140,000, rent expense - $10,000, retained earnings, 1/1/7 - $200,000, salary expense - $90,000, salary payable - $60,000, and sales revenue - $300,000. What is net income