Exercise 1 Johnny's Car Repair Shop started the year with total assets of $60,000 and total liabilities of $40,000. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. The net income reported by Johnny's Car Repair Shop for the year was: A- $ 35 000 B-$ 45 000 C-$ 20 000 D-$ 90 000