Pearl Poodle Grooming is preparing a budgeted income statement for 2021. Predicted sales for the year are $300,000 and cost of goods sold is 20% of sales. The expected selling & administrative expenses are $70,000 which includes $20,000 of depreciation. Pearl expects to pay $10,000 in dividends in 2021. The budgeted net income for 2021 is:

a. $180,000

b. $140,000

c. $170,000

d. $150,000

e. $190,000

f. $160,000

g. None of these