Meadville, Inc. began operations in 2009. During February 2012, the following transactions occurred: Received $72,400 from shareholders in exchange for common stock Performed services in February for cash in the amount of $104,800 Performed services in February on account in the amount of $10,600 Borrowed $85,800 from Regions Bank Company, and signed a one-year note payable Purchased new equipment in February of $35,700 Paid rent in the amount of $3,700 for February Paid dividends in February amounting to $3,700 Paid February wages in the amount of $22,900 Collected $5,300 of accounts receivable from customers for work previously performed How much Net Income should Meadville, Inc. report for February? $88,800 O $78,200 O $79,800 $83,500 O $74,500 $85,100