On January 1, Merrilton Company had these assets, liabilities, and equity:

Cash	$100
Inventory	140
Accounts Payable	70
Paid-in Capital	150
Retained Earnings	20

During the year, Merrilton Company entered into the following transactions:

a. Sold inventory costing $80 for a total of $100. Cash of $30 was received, and the remaining $70 was put on account.

b. Paid cash for wages of $25.

c. Paid cash dividends of $10.

What is Merrilton Companys net income (or net loss) for the year?