A company had the following assets, liabilities and equity

Cash 100

Inventory 140

Accounts payable 70

paid in capital 150

retained earnings 20

During the year the company entered the following transactions:

Sold inventory costing 80 for 120, cash of 30 was recieved and the remaining 90 was placed on the account.

Paid 55 cash to suppliers from whom inventory had been previously pruchased on account (Note the obligation to pay these suppliers had been recorded as accounts payable).

Collected 75 cash from customers to whom sales had been previously been made on account. (Note: this recivable from customers had been recorded as accounts receivable).

Paid cash dividends of 10.

What was the net income for the year?