Acme's December 31, 2015 and 2016 balance sheet lists shareholders' equity of $800,000 and $900,000 respectfully. Assume ACME's transactions with shareholders during 2016 included (1) dividends declared and paid in the amount of $50,000 and (2) stock options exercised with an exercise price of $75,000, but with a market value of $200,000, and (3) treasury repurchases (i.e., stock buybacks) of $200,000 for shares that were originally issued for $60,000. What is the 2016 net income assuming no other comprehensive income?