The following selected account balances are taken from the financial statements of Pina Inc. at its calendar year end prepared using IFRS:

		2020		2019
Preferred shares classified as equity		$147,000		$147,000
Common shares: 9,000 shares in 2020, 10,000 shares in 2019		140,700		160,200
Contributed surplusreacquisition of common shares		3,200		0
Cash dividendspreferred		5,900		5,900
Stock dividendscommon		13,400		0
Retained earnings (balance after closing entries)		305,000		239,000

At December 31, 2020, the following information is available:

1.		Pina Inc. repurchased 2,000 common shares during 2020. The repurchased shares had a weighted average cost of $32,900.
2.		During 2020, 1,000 common shares were issued as a stock dividend.
3.		Pina Inc. chooses to classify dividends paid as financing activities.

(a)

Calculate net income for the fiscal year ending December 31, 2020.

Net income, fiscal year ending December 31, 2020

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