Acronet Corporation started the year with common stock of $50,000 and paid in capital in excess of par of $100,000. There were no new stock issuances during the year. It had retained earnings of $20,000 at the beginning of the year. It had revenue of $60,000 and expenses of $10,000. It paid dividends of $4,000

What is the net income for the year?

What was the ending balance in retained earnings?

What is the total equity at the end of the year?