Items 12, 13, 14, 15 and 16 are related to the following information for the Golden Rams Company for the year ending December 31, 2020. Sales $1,000,000 . Cash 250,000 Selling and Administrative expenses. Inventory . Other expenses and losses 90,000 Other revenues and gains Accounts payable. Cost of goods sold Preferred dividends Common stock 600,000 40,000 500,000 Assume a 20% tax rate and that 100,000 shares of common stock were outstanding during the year. Using the "multiple-step" income statement format, what is Net Income? $250,000. $240,000. $235,000. $245,000. 150,000 300,000 25,000 75,000