Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December $31,$ Year $1$:

Novelty Toys, Incorporated

Adjusted Trial Balance

December $31,$ Year $1$

Debit Credit

Cash $ $15,200$

Accounts Receivable $12,600$

Office Equipment $21,900$

Accumulated Depreciation $ $5,700$

Accounts Payable $7,600$

Capital Stock $22,200$

Retained Earnings $-0-$

Dividends $7,200$

Fees Earned $44,000$

Salaries Expense $15,400$

Advertising Expense $3,100$

Depreciation Expense $4,100$

Totals $ $79,500$ $ $79,500$

Net income for the period equals: