Presented below is certain information pertaining to Edson Company.
Assets, January 1..........................................................$240,000
Assets, December 31....................................................$230,000
Liabilities, January 1....................................................$150,000
Common Stock, December 31.......................................$80,000
Retained Earnings, December 31...................................$31,000
Common stock sold during the year..............................$10,000
Dividends declared during the year..............................$13,000
Compute the net income for the year.