Gatto Production Services started the year with total assets of $ 120 comma 000 and total liabilities of $ 45 comma 000. The revenues and the expenses for the year amounted to $ 110 comma 000 and $ 60 comma 000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $ 70 comma 000. Calculate Gatto's net income for the year.
