The accounts of Garfield Company with increases or decreases that occurred during the past year are as follows:
Cash: increased by $25,000
Accounts Receivable: decreased by $5000
Accounts Payable: decreased by $11000
Notes Payable: increased by $16000
Except for net income, an investment of $3000 by the owner, and a dividend paid of $11000, no other items affected the stockholder's equity account. Use the accounting equation (Assets=Liabilities+ Stockholder's Equity) to compute net income for the past year.