4 Assume January 1, 2020, financial position was: Assets, $150,000 and Liabilities, $60,000, and that in the first month of 2020, the company completed the following transactions: (1) paid on a note payable, $10.000 (no interest was paid); (2) collected an accounts receivable, $9.000; (3) paid an accounts payable, $5,000; and (4) purchased a truck, $5,000 cash, and a $20,000 note payable from a bank. M&M's financial position at January 31, 2020 is: Assets Liabilities Stockholders' Equity a. $150,000 $60,000 $90,000 b. $155,000 $65,000 $90,000 c. $160,000 $75,000 $85,000 d. $170,000 $100,000 $70,000 7 Policy Co. declared and paid cash dividends to shareholders of $70,000 in 2020. At the end of the year, the company's balance sheet reported total assets of $700,000, total liabilities of $300,000, and contributed capital of $200,000. If retained earings at the beginning of the year was $160,000. how much net income did the company report in 2020? a $40,000 b. $110,000 c. $150,000 d. $200,000