A company's financial records at the end of the year including the following amounts: Cash $70,100, Account receivable 28,100 Supplies 4,100 Account payable 10,100, Notes payable 5,050, Retained earnings, beginning of year 17,100 Common stock 41,000 Service revenue 52,350, Wages expense 8,100, Advertising expense 5,100, Rent expense 10,100. What is the amount of net income on the income statement for the year? a. $46,150. b. $37,150. c. $88,250. d. $29,050