Beemer Corporation has provided the following information pertaining to the year ended December 31, 2011: Stockholders' equity as of January 1 was $725,000. Dividends declared during the year totaled $77,000 of which $66,000 were paid during the year. Stockholders invested $119,000 cash into the business in exchange for new shares of stock. Stockholders' equity as of December 31 was $1,050,000. How much was Beemer's 2011 net income?

$283,000

$294,000

$402,000

$413,000