As of the end of the accounting period, December 31, Year 1, Great Plains Company has assets of $900,000 and liabilities of $300,000. During Year 2, stockholders invested an additional $75,000 in Great Plains Company and received $30,000 in dividends from Great Plains Company.

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 $200,000?