Shareholders of Augusta Corporation have received $35,000 in dividends in the current year. At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000 . If retained earnings at the beginning of the year was $80,000, what was Augusta's net income for the current year?
a. $80,000
b. $215,000
c. $55,000
d. $10,000
e. $45,000
C
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