People First Consulting Pty Ltd started the year with total assets of $$80000$ and total liabilities of $$40000.$ During the year the business earned $$150000$ in income, incurred $$95000$ in expenses and dividends of $$20000$ were paid. What was People First Consulting Pty Ltd$\text{'}$s profit for the period?

$$35000$

$$55000$

$$40000$

$$30000$