11. Information related to the Jones Company for the calendar year 2007 follows:

Liabilities, December 31, 2007 $300

Assets, December 31, 2007 800

Dividends Distributed during 2007 100

Liabilities, December 31, 2006 350

Assets, December 31, 2006 500

Assuming no capital stock was issued during 2007, the net income earned by the Jones Company during 2007 was

a. $ 60

b. $450

c. $240

d. $290