12) The following information is contained in partial financial statements for the year ended December 31, 2020: Sales Inventory, January 1, 2020.. Purchases of inventory Operating expenses Dividends declared $5,200 600 3,700 1.460 SO 790 Retained earnings, January 1, 2020.. Capital stock, January 1, 2020 1,400 Retained earnings, December 31, 2020 Capital stock, December 31, 2020 920 1,600 No adjustments for prior events (i.e. prior period adjustments) or for any other unusual items were made to retained earnings during the year ended December 31, 2020. Based on the above information the net income for the year ended December 31, 2020, is: A) $ 90 B) $130 C) $180 D) $330 E) $390