Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: Total assets $400,000 Total owner's equity 150,000 During the year, total assets increased by $100,000 and total liabilities increased by $40,000 . The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?
a. $30,000
b. $60,000
c. $70,000
d. $90,000
d
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