Dr. Foster's primary care practice had net medical service revenue of $500,000 for the year. Salaries and benefits for the year, including draws for Dr. Foster, were $350,000. Other operating expenses, excluding payments on a bank loan, were $100,000. Payments on the bank loan for the year were $50,000 on principal and $20,000 for interest. 

 

What was the net income for the practice for the year? Do the math until the final result, and indicate the units of measurement.