Presented below is certain information pertaining to Edson Company. Assets, January 1 $245,760 Assets, December 31 232,780 Liabilities, January 1 139,070 Common stock, December 31 80,740 Retained earnings, December 31 40,670 Common stock sold during the year 11,000 Dividends declared during the year 12,520 Compute the net income for the year. Net income $