The December 31, Year 1, balance sheet for James Company showed total stockholders’ equity of $200,000. Total stockholders’ equity increased by $80,000 between December 31, Year 1, and December 31, Year 2. During Year 2, James Company acquired $30,000 cash from the issue of common stock. James Company paid a $2,000 cash dividend to the stockholders during Year 2.

Required
Determine the amount of net income or loss James Company reported on its Year 2 income statement.