CVS Health Corp. had the following transactions during January, the first month of its operations:

Issued 20,000 shares of common stock in exchange for $240,000.

Purchased equipment for $480,000, using a $120,000 cash down payment and signing a note payable for the balance.

Received $3,000 from a customer for services to be performed in February.

Made a $36,000 payment on the note payable from the purchase of the equipment.

Total monthly sales: Cash sales $90,000 Credit Sales (Acct. Receivable): $43,200

Purchased supplies on credit for $38,400.

Collected $14,400 from customers on account.

Paid $3,000 for January employee wages.

Received a utility bill for $1,100 which will be paid next month.

What is Net Income for the month of January?

Select one:

a. $40,200

b. $132,100

c. $87,000

d. $129,100

e. $39,100