Choco Consultants had the following balance sheet amounts at the beginning of the year:

Total assets$50,000Total stockholders' (=owners') equity$20,000

During the year, total assets increased by $10,000 and total liabilities increased by $4,000. The company also paid $74,755 in dividends. This company had only retained earnings in their total stockholders' (=owners') equity section (no stock transactions and no other transactions related to contributed capital occurred except revenues and expenses). How much is the net income for the year?