Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year:

Account

Increase (Decrease)

Cash

$22,000

Accounts Receivable (net)

(9,000)

Inventory

48,000

Plant Assets (net)

24,000

Accounts Payable

28,000

Bonds Payable

(14,000)

Common Shares

72,000

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

Required

Calculate the net income for last year.