The VP of Finance for Livingston Recycling notes the following: The total assets and the total liabilities of Livingston Recycling are shown below. The company issued no common stock and paid no dividends during the year. 1 Assets Liabilities Beginning of year $405,000 $270,000 End of year 455,000 300,000 What was the amount of net income for the year? $50,000 $20,000 $80,000 $30,000