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The following selected account balances are taken from the financial statements of Pina Inc. at its calendar year end prepared using IFRS:
| | | 2020 | | 2019 |
| Preferred shares classified as equity | | $147,000 | | $147,000 | |
| Common shares: 9,000 shares in 2020, 10,000 shares in 2019 | | 140,700 | | 160,200 | |
| Contributed surplusreacquisition of common shares | | 3,200 | | 0 | |
| Cash dividendspreferred | | 5,900 | | 5,900 | |
| Stock dividendscommon | | 13,400 | | 0 | |
| Retained earnings (balance after closing entries) | | 305,000 | | 239,000 | |
At December 31, 2020, the following information is available:
| 1. | | Pina Inc. repurchased 2,000 common shares during 2020. The repurchased shares had a weighted average cost of $32,900. |
| 2. | | During 2020, 1,000 common shares were issued as a stock dividend. |
| 3. | | Pina Inc. chooses to classify dividends paid as financing activities. |
(a)
Calculate net income for the fiscal year ending December 31, 2020.
| Net income, fiscal year ending December 31, 2020 | | $Enter your answer in accordance to the question statement |
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