As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $900,000 and liabilities of $310,000. During Year 2, stockholders invested an additional $70,000 and received $32,000 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000 and liabilities were $250,000?