Accounting Equation

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Todd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2011, Alpha has assets of $800,000 and liabilities of $350,000. Using the accounting equation and considering each case independently, determine the following amounts:
What is the net income during 2012, assuming that as of December 31, 2012, assets were $975,000, liabilities were $400,000, and there were no additional investments or withdrawals?