Lowemans Car Repair Shop started the year with total assets of $30,000, total liabilities of $21,000, and retained earnings of $9,000. During the year, the business recorded $50,000 in car repair revenues, $35,000 in expenses, and the company paid dividends of $5,000. The investors did not make any additional investments during the year.

The net income reported by Loweman's Car Repair Shop for the year was:

Select one:

a. $15,000

b. $20,000

c. $25,000

d. $90,000

e. None of the above