Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year: Account Increase (Decrease) Cash $22,000 Accounts Receivable (net) (9,000) Inventory 48,000 Plant Assets (net) 24,000 Accounts Payable 28,000 Bonds Payable (14,000) Common Shares 72,000 The only entry to retained earnings were for net income and a dividend declaration of $12,000. Required Calculate the net income for last year.