During 2018, Bascom Bakery paid out $33,525 of common dividends. It ended the year with $187,500 of retained earnings versus the prior year's retained earnings of $159,600. How much net income did the firm earn during the year?
A. $55,897
B. $49,140
C. $47,297
D. $61,425
E. $63,882
Answer: D
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