Maynard Corporation began the year with cash of $135,000 and land that cost $25,000. During the year, Maynard earned service revenue of $260,000 and had the following expenses: salaries, $185,000; rent, $81,000; and utilities, $28,000. At year-end, Maynard’s cash balance was down to $31,000. How much net income (or net loss) did Maynard experience for the year?
a. ($138,000)
b. $75,000
c. ($34,000)
d. ($6,000)

Select the best choice from among the possible answers given.