Below is a list of account balances for Fraggle Company:

Cash $123,500 Cost of Goods Sold 767,500 Gross Profit 507,500 Income before taxes 233,400 Income tax expense ? Interest expense 14,700 Interest revenue 5,600 Inventory 113,460 Net Income ? Number of Common Shares 150,000 Operating expenses 265,000 Operating Income 242,500 Property, plant, and equipment (net) 255,000 Receivables (net) 96,000 Sales (net) 1,275,000

What is Fraggle Companys net income, assuming a 30% tax rate?

Group of answer choices

A. None of these answer choices is correct.

B. $242,500

C. $163,380

D. $233,400