The Accounts of Odie Company with the Increases or Decreases

The accounts of Odie Company with the increases or decreases that occurred during the past year are as follows:
$\begin{array}{llcc}\text {Account } &\text { Increase} &\text { Decrease } \\ \hline\text {Cash................................. } &\$425,000\\ \text {Accounts receivable........... } &&\$(5,000)\\ \text { Accounts payable.............. } &&(11,000)\\ \text { Notes payable................... } &16,000\\\end{array}$


Except for net income, an investment of $3,000 by the stockholder, and a dividend of $11,000 by the stockholder, no other items affected the stockholders' equity balance. Using the balance sheet equation, compute net income for the past year.