Following is the Shareholders' Equity section of Stanwood's Balance sheet as of the end of the last two years.

2020 2019

Common Stock, $1 par value $475,000 $450,000

Paid-in-Capital - excess of Par. $2,175,000 $2,000,000

Retained Earnings $2,500,000 $2,300,000

Total Shareholders' Equity $5,150,000 $4,750,000

During the year the company declared a stock dividend. They also declared and distributed a cash dividend of $100,000. There were no other transactions affecting Shareholders' Equity other than Net Income. How much was Net Income?