Presented below are changes in selected account balances of Google during last year, except for retained earnings.

Increase Increase

(Decrease) (Decrease)

Cash............................................... $22,000 Accounts payable........................ $28,000

Accounts receivable (net)................... (9,000) Bonds payable............................ (14,000)

Inventory......................................... 48,000 Common shares.......................... 72,000

Plant Assets (net).............................. 24,000

The only entries in retained earnings were for net income and a dividend declaration of $12,000.

Required

Calculate the net income for last year.