Calculation of Net Income from the Change in Shareholders' Equity

Essay

Calculation of net income from the change in shareholders' equity
Presented below is selected information pertaining to Pullman Enterprises Ltd. for last year:
$\begin{array}{llcc} \text { Assets, January 1............................... } & \$240,000 \\ \text { Assets, December 31........................... } &320,000\\ \text { Liabilities, January 1 ..........................} &120,000\\ \text {Common shares, December 31 ................... } &60,000\\ \text {Retained earnings, December 31 ................ } &20,000\\ \text { Common shares issued during the year.............. } &2,000\\ \text {Dividends declared during the year........... } &32,000\\\end{array}$
Instructions
Calculate the net income for last year.