Goodchild Inc. reported a net cash flow from operating activities of $165,500 on its statement of cash flows for the year ended December 31, 2015. The following informa- tion was reported in the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method:
Decrease in income taxes payable ..................... $ 3,500
Decrease in inventories ................................... 8,700
Depreciation ................................................ 12,700
Gain on sale of investments ............................... 6,000
Increase in accounts payable .............................. 2,500
Increase in prepaid expenses .............................. 1,350
Increase in accounts receivable ........................... 6,700
Determine the net income reported by Goodchild Inc. for the year ended December 31, 2015.