Lockhart Industries reported total stockholders' equity of $415,000 on its balance sheet dated December 31, 2021. During the year ended December 31, 2022, the company declared and paid a cash dividend of $15,500, declared and distributed a 10% stock dividend with a $16,000 total market value, and issued additional common stock for $95,000. If total stockholders' equity as of December 31, 2022 is $527,000, what was the amount of net income for the year ended December 31, 2022?

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