1. Shareholders of Augusta Corporation have received S35,000 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