The following selected account balances are taken from the financial statements of Martinez Inc. at its calendar year end prepared using IFRS: 2020 2019 Preferred shares classified as equity $150,000 $150,000 Common shares: 9,000 shares in 2020, 10,000 shares in 2019 139,100 160,800 Contributed surplusreacquisition of common shares 3,200 0 Cash dividendspreferred 5,950 5,950 Stock dividendscommon 12,400 0 Retained earnings (balance after closing entries) 312,000 233,000 At December 31, 2020, the following information is available: 1. Martinez Inc. repurchased 2,000 common shares during 2020. The repurchased shares had a weighted average cost of $34,100. 2. During 2020, 1,000 common shares were issued as a stock dividend. 3. Martinez 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 $Enter your answer in accordance to the question statement