The following information was taken from the records of H. Potter Corporation for the month ended December 31, 2016. Advertising expense $39,200 Income tax expense $28,000 Accounts payable $24,800 Dividends paid $28,250 Retained earnings (Jan. 1, 2016) $114,820 Consulting fees revenue $200,000 $22,500 $34,700 Rent expense Supplies expense Given the above information, net income for the year is a. $75,600 b. $88,560 c. $70,620 d. $34,120
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