A company reported the following asset and liability balances at the end of 2015 and 2016: 2015 2016 Total Assets $ 7,600,000 $ 8,400,000 Total Liabilities 3,760,000 4,240,000 During 2016, cash dividends of $66,000 were declared and paid, and common stock was issued for $108,000. What was the amount of net income for 2016?