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Fine Breads Inc. paid out $26,000 common dividends during 2005, and it ended the year with $150,000 of retained earnings. The prior years retained earnings

Fine Breads Inc. paid out $26,000 common dividends during 2005, and it ended the year with $150,000 of retained earnings. The prior years retained earnings were $145,500. What was the firm's 2005 net income?

a. $30,500 b. $31,000 c. $32,000 d. $33,000 e. $34,000

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