The summary financial statements of Sheffield Ltd. on December 31, 2020, are as follows:

SHEFFIELD LTD. Statement of Financial Position December 31, 2020
Assets
Cash		$6,000
Accounts and notes receivable		41,000
Inventory		79,000
Property, plant, and equipment (net)		125,000
		$251,000
Liabilities and Shareholders' Equity
Accounts and notes payable		$60,000
Long-term debt		62,000
Common shares		60,000
Retained earnings		69,000
		$251,000

The following errors were made by the inexperienced accountant on December 31, 2019, and were not corrected.

	1.		The inventory was overstated by $13,000.
	2.		A prepaid expense of $2,400 was omitted. (It was fully expensed in 2019.)
	3.		Accrued revenue of $2,500 was omitted. (It was recognized when cash was received in 2020.)
	4.		A suppliers invoice for $1,700 for purchases made in 2019 was not recorded until 2020.
On December 31, 2020, there were further errors:
	5.		The inventory was understated by $17,000.
	6.		A prepaid expense of $750 was omitted.
	7.		Accrued December 2020 salaries of $1,800 were not recognized.
	8.		Unearned income of $2,300 was recorded in the 2020 revenue.
	9.		In addition, it was determined that $20,000 of the accounts payable were long-term, and that a $500 dividend was reported as dividend expense and deducted in calculating net income.

The net income reported on the books for 2020 was $66,000.

Calculate the corrected net income for 2020.

Net income / (loss)