A company has been in business for five years. As of December 31, 2013, the company had

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Question:

A company has been in business for five years. As of December 31, 2013, the company had assets of $475,000 and liabilities of $200,000. After a successful year of business in 2014, the company's assets had increased by $95,000, and liabilities had increased by $40,000. While no new investments were made into the company during 2014, a dividend of $12,000 was paid to owners.

Determine the company's net income for the year 2014.