National Company reported the following for the year

Correction of overstatement of depreciation expense in prior years, net to tax $130,000

Dividends declared during the year 50,000

Net Income ????

Retained earnings at the beginning of the year, as reported 1,800,000

Retained earnings at the end of the year 2,680,000

Net Income for the year was:

a. $700,000

b. $800,000

c. $880,000

d. $750,000