A companys financial records at the end of the year including the following amounts: Cash $ 70,700 Accounts receivable 28,700 Supplies 4,700 Accounts payable 10,700 Notes payable 5,350 Retained earnings, beginning of year 17,700 Common stock 47,000 Service revenue 48,450 Wages expense 8,700 Advertising expense 5,700 Rent expense 10,700 What is the amount of net income on the income statement for the year? $89,750. $23,350. $41,050. $32,050.