The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, dividends were declared and paid in the amount of $60,000 and the company sold additional shares of capital stock amounting to $45,000.

The amount of net income for the year was?

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Beginning of year End of year Assets $305,000 365,000 Liabilities $200,000 230,000 Beginning of year End of year Assets $305,000 365,000 Liabilities $200,000 230,000