Fred's Model Aircraft Repair Shop started the year with total assets of $120,000, total liabilities of $80,000, and retained earnings of $36,000. During the year, the business recorded $200,000 in repair revenues, $140,000 in expenses, and the company paid dividends of $30,000. The net income reported by Freds Model Aircraft Repair Shop for the year was:

Select one:

A. $ 60,000

B. $360,000

C. $ 80,000

D. $100,000

E. None of the above