Al Shea is a stockholder and operator of Saw Tooth Company. As of the end of its accounting period, December 31, 2007, SawTooth Company has assets of $925,000 and liabilities of $285,000. During 2008, Al Shea invested an additional $50,000 in exchange for capital stock and was paid dividends in the amount of $30,000 from the business. What is the amount of net income during 2008, assuming that as of December 31, 2008, assets were $980,000, and liabilities were $255,000?