Company had beginning total liabilities of $40,000 and ending total liabilities of $60,000. The beginning balance in stockholders' equity was $50,000. During the year, total assets increased $35,000. In addition, capital stock of $10,000 was issued and dividends of $5,000 were declared and paid. How much was company's net income for the year? HINT: Use

changes in the accounting equation to answer this problem.