please i need solition for this question with explation

03:(15 Marks) Presented below is certain information pertaining to Edson Company. Assets. January 1 $240,000 Assets, December 31 230,000 Liabilities, January 1 150,000 Common stock, December 31 80,000 Retained carnings, December 31 31.000 Common stock sold during the year 10,000 Dividends declared during the year 13,000 Compute the net income for the year