High Step Shoes had annual revenues of $190,000, expenses of $106,200, and paid dividends of $20,000 during the current year. The retained earnings account before closing had a balance of $302,000. The Net Income for the year is:
A. $63,800
B. $83,800
C. $190,000
D. $365,800
E. $385,800
Answer: B
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