Changes in the balance sheet account balances for the Smite Sales Co. during 2002 are shown below. Dividends declared during 2002 were \($25.000.\) Calculate the net income for the year assuming there were no transactions, other than the dividends, affecting retained earnings.

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Cash Accounts Receivable Inventory Buildings and Equipment (net) Patents Accounts Payable Bands Payable Capital Stock Additional Paid-In Capital. Increase (Decrease) $ 95,500 92,000 (30,000) 190,000 (5,000) (75,000) 150,000 100,000 50,000