The changes in account balances for Elder Company for 2009 are as follows:

The changes in account balances for Elder Company for 2009 are as follows: Assets/Debit $480,000Common stock/Credit $250,000Liabilities/Credit $160,000Paid in capital/Credit $30,000 Assuming the only changes in retained earnings in 2009 were for net income and a $50,000 dividend, what was net income for 2009?