A companys financial records at the end of the year included the following amounts: Cash $ 70,000 Accounts Receivable 28,000 Supplies 4,000 Accounts Payable 10,000 Notes Payable 5,000 Retained Earnings, beginning of year 17,000 Common Stock 40,000 Service Revenue 53,000 Wages Expense 8,000 Advertising Expense 5,000 Rent Expense 10,000 What is the amount of net income on the Income Statement for the year? Group of answer choices $30,000 $38,000 $88,000 $47,000