The Slazenger Company has provided the following information: Shareholders' equity on January 1, 20X1 was $2,225,900. Shareholders' equity on December 31, 20X1 was $2,379,300.Treasury stock costing $71,000 was sold for $62,000; the treasury stock was acquired during 20X0.A property dividend was declared and distributed during 20X1. The property's book value was $42,325 on the declaration date; the property's fair value was $54,485 on the declaration date and $57,500 on the distribution date.10,000 shares of $20 par value preferred stock were purchased and retired during 20X1. The shares were initially issued for $25 per share and were purchased for $29 per share.5,000 shares of $5 par value common stock were issued as the result of a small stock dividend. The market value per share was $9 at the declaration date and $9.50 at the distribution date. Cash dividends declared and paid during the year totaled $70,000.

Required: What was Slazenger's 20X1 net income assuming that the only other transactions impacting shareholders' equity are described above?