For the month of August, Florence News Media had Income of $700,000. Expenses for the month were $540,000. There was $1,200,000 cash at the beginning of the month and $1,460,000 at the end of the month. The total assets increased by $300,000 and equity increased by $280,000 during the month. The profit for the month of August is

A.$260,000B.$280,000C.$160,000D.$300,000

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