I need help in how to calculate net income. What gets added / subtracted to calculate it?

An example was the question: The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

		Dec. 31, 20Y2		Dec. 31, 20Y1
Assets
Cash		$183		$14
Accounts receivable (net)		55		49
Inventories		117		99
Land		250		330
Equipment		205		175
Accumulated depreciationequipment		(68)		(42)
	Total assets	$742		$625
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$51		$37
Dividends payable		5		-
Common stock, $1 par		125		80
Paid-in capital: Excess of issue price over parcommon stock		85		70
Retained earnings		476		438
	Total liabilities and stockholders' equity	$742		$625

The following additional information is taken from the records:

1. Land was sold for $120.
2. Equipment was acquired for cash.
3. There were no disposals of equipment during the year.
4. The common stock was issued for cash.
5. There was a $62 credit to Retained Earnings for net income.
6. There was a $24 debit to Retained Earnings for cash dividends declared.