The following information appears on the balance sheet of Stapp Corporation at year-end: Accounts receivable $88,500 Accounts payable 25,500 Supplies 14,500 Cash 33,000 Equipment 340,000 Capital stock 255,000 If the beginning of year balance in retained earnings is $155,000 and $15,000 in dividends are paid during the year, net income for the year was: