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Part $1$

Dynamic Production Services started the year with total assets of

$ $120$ comma $000$$$120,000$

and total liabilities of

$ $50$ comma $000$$$50,000.$

The revenues and the expenses for the year amounted to

$ $140$ comma $000$$$140,000$

and

$ $90$ comma $000$$$90,000,$

respectively. During the$$ year, the company did not issue any common$$ stock, but it distributed dividends of

$ $50$ comma $000$$$50,000.$

Calculate$$ Dynamic's net income for the year.