A company had the following transactions during September, the first month of its operations:

• Issued 50,000 shares of common stock in exchange for $600,000.
• Purchased land for $400,000, using a $150,000 cash down payment and signing a note payable for the balance.
• Received $5,000 from a customer for services to be performed in December.
• Made a $60,000 payment on the note payable from the purchase of the land.
• Total monthly sales: Cash sales $50,000 Credit Sales: $17,000
• Purchased equipment on credit for $63,000.
• Collected $8,000 from customers on account.
• Paid $2,000 for September employee wages.
• Received a utility bill for $500 which will be paid next month.

What is net income for the month of September?

	A.	$154,500
	B.	$ 77,500
	C.	$ 64,500
	D.	$ 69,500
	E.	$ 73,000