On January 1, 2023, Don's retained earnings amounted to $2,000,000. In June 2023, Don declared a cash dividend for common shareholders of $100,000. The retained earnings were $1,400,000 on December 31, 2023. On December 31, 2023, what amount is reported as net income or loss?

Select one:

a. Net loss of $500,000

b. Net income of $500,000

c. Net loss of $100,000

d. Net income of $100,000