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 Earnings, 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