Presented below is selected financial information for Blossom Company: Assets, January 1 Assets, December 31 Liabilities, January 1 Common stock, December 31 Retained earnings, December 31 Common stock sold during the year Dividends declared during the year Compute the net income for the year. Net income 69 $251,000 231,000 151,000 78,000 39.000 12,500 445600​