Al Shea is the sole owner and operator of SawTooth Company. As of the end of its accounting period, December 31, 2007, SawTooth Company has assets of...

Al Shea is the sole owner and operator of SawTooth Company. As of the end of its accounting period, December 31, 2007, SawTooth Company has assets of $925,000 and liabilities of $285,000. During 2008, Al Shea invested an additional $50,000 and withdrew $30,000 from the business. What is the amount of net income during 2008, assuming that as of December 31, 2008, assets were $980,000, and liabilities were $255,000?