How do I determine the net income of this accounting problem?

It should be easy but Im dumb and have never been exposed to accounting till today. Plz help a high school freshman out.



Hoover Amadeus is the sole stockholder of Diplo, a computer manufacturing business. At the end of its accounting period, June 1, 2007, Diplo has assets of $950,000 and liabilities of $300,000. Using the accounting equation and considering each case independently, determine the following amounts:

The part I need help with



Net income (or net loss) during 2008, assuming that as of June 1, 2008, assets were $1,200,000, liabilities were $195,000, and there was no additional stock was issued nor dividends distributed.How do I determine the net income of this accounting problem?
355,000.