Gatto Production Services began the year with total assets of $120,000 and total liabilities of $65,000. Income
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Gatto Production Services began the year with total assets of $120,000 and total liabilities of $65,000. Income and expenses for the year were $110,000 and $50,000, respectively. During the year, the company issued no common shares, but distributed dividends of $70,000.
Calculate Gatto's net income for the year.
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