Maynard Corporation began the year with cash of $135,000 and land that cost$25,000. During the year, Maynard earned service revenue of $260,000 and had the followingexpenses: salaries, $185,000; rent, $81,000; and utilities, $28,000. At year-end, Maynard’s cashbalance was down to $31,000. How much net income (or net loss) did Maynard experience forthe year?a. ($138,000)b. $75,000c. ($34,000)d. ($6,000)

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