Information related to the Jones Company for the calendar year 2007 follows:

Liabilities, December 31, 2007 $300

Assets, December 31, 2007 $700

Dividends Distributed during 2007 $90

Liabilities, December 31, 2006 $250

Assets, December 31, 2006 $500

Assuming no capital stock was issued during 2007, the net income earned by the Jones Company during 2007 was

a. $ 60

b. $150

c. $240

d. $290

Can you please explain how did you get the answer step by step. Thank you.