A company is currently under scrutiny by government regulators. The company has not been charged with any crimes, but government investigators are suspicious about the company's entire industry. The suspicion is that the company and its industry competitors have taken advantage of current market conditions to substantially increase selling prices and profits, to the benefit of the company's shareholders but to the detriment of the broader community, including the company's customers. Government regulators want to see what the company's net income is for the year in order to assess whether the company is earning above-normal profits.

On January 1, the company had these assets, liabilities, and equity:

Cash	$100
Inventory	140
Accounts Payable	70
Paid-In Capital	150
Retained Earnings	20

During the year, the company entered into the following transactions:

• Sold inventory costing $80 for a total of $120; cash of $30 was received, and the remaining $90 was put on account
• Paid cash for employee wages of $25
• Paid $55 cash to suppliers from whom inventory had previously been purchased on account (Note: The obligation to pay these suppliers had been recorded as Accounts Payable.)
• Collected $75 cash from customers to whom sales had previously been made on account (Note: This receivable from customers had been recorded as Accounts Receivable.)
• Paid cash dividends of $10

What is this company's net income for the year?

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