The following account balances relate to the stockholders' equity accounts of Gore Corp. at year-end.
2008 2007
Common stock, 10,500 and 10,000 shares,
respectively, for 2008 and 2007 $160,000 $140,000
Preferred stock, 5,000 shares 125,000 125,000
Retained earnings 300,000 260,000
A small stock dividend was declared and issued in 2008. The market value of the shares was $10,500. Cash dividends were $15,000 in both 2008 and 2007. The common stock has no par or stated value.
What was the amount of net income reported by Gore Corp. in 2008?