Wildhorse, Inc. has the following financial information as at December 31, 2021:

Camping revenue		$345,260
Cash		23,180
Equipment		151,280
Accounts payable		20,130
Bank loan payable		61,000
Income tax expense		12,200
Dividends declared		14,640
Operating expenses		298,900
Supplies		3,050
Common shares, Jan. 1		36,600
Common shares issued during year		18,300
Retained earnings, Jan. 1		21,960

Determine net income for the year.