2) The following information is contained in partial financial statements for the year ended December 31, 2016: Sales.. Inventory, January 1, 2016 Purchases of inventory... Operating expenses. Dividends declared $5,300 600 3,700 1,460 50 Retained earnings, January 1, 2016 Capital stock, January 1, 2016. 780 1,200 Retained earnings, December 31, 2016 Capital stock, December 31, 2016... 900 1,400 No adjustments for prior events (i.c. prior period adjustments) or for any other unusual items were made to retained earnings during the year ended December 31, 2016. Based on the above information, the net income for the year ended December 31, 2016, is: A. $ 90 B. $120 C. $140 D. $170 E $320