Jerry's Shop Had the Following Assets and Liabilities at the Beginning

Essay

Jerry's Shop had the following assets and liabilities at the beginning and end of the current year:

$\begin{array}{lcl}&\text { Assets } & \text { Liabilities } \\\text { Beginning of the year } & \$ 114,000 & \$ 68,000 \\\text { End of the year } & 135,000 & 73,000\end{array}$

If there were no stockholder investments or dividends paid during the year, what was the amount of net income earned by Jerry's Shop?