Lane Class Company had 50,000 shares of common stock outstanding and 10,000 shares of preferred stock outstanding. No shares were issued or repurchased during the year. The company paid a dividend of $0.80 per share of common stock and $0.60 per share of preferred stock. If the company reports earnings per common share of $0.85, how much is net income?

A. $45,500

B. $56,500

C.$48,500

D.$57,000