Net income . . . . . . . . . . . . . . . . . . . . $ ?

Cost of goods sold . . . . . . . . . . . . . . $50,000 

Payment of dividends . . . . . . . . . .   $3,000 

Other operating expenses . . . . . . . . $12,000 

Proceeds from issuance of stock . . . $78,000 

Depreciation expense . . . . . . . . . . . . $17,000 

Purchase of treasury stock . . . . . . . . $11,000

Purchase of equipment with cash . . $23,000 

Sales revenue . . . . . . . . . . . . . . . . . . $122,000