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8. Scavenger Hunt Company had a beginning balance in its retained earnings account of $385,600. During the year, the company declared and paid a $4,700

8. Scavenger Hunt Company had a beginning balance in its retained earnings account of $385,600. During the year, the company declared and paid a $4,700 dividend, and at the end of the year, it reported retained earnings of $399,860. The company's net income for the year was:

a) $14,260.

b) $18,960.

c) $9,560.

d) $23,660.

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