A business person starts a retail company by contributing \($100,000\) cash. The company then buys inventory for \($90,000,\) has sales of \($150,000,\) cost of goods sold of \($80,000,\) salaries of \($30,000,\) rental of \($12,000,\) advertising expenses of \($8,000,\) and equipment purchases of \($40,000.\) All of the transactions, except the purchase of equipment, are for cash. The financial statements of the company would show 

a. Profit of \($20,000,\) cash of \($30,000,\) and equity of $100,000

b. Profit of \($20,000,\) cash of \($110,000,\) and equity of $120,000

c. Profit of \($10,000,\) cash of \($110,000,\) and equity of $120,000

d. Loss of \($70,000,\) cash of \($110,000,\) and equity of $30,000