please add an explanation of why each amount in either included or excluded from the formula.

48. During the month of June, the following transactions occurred for Boring Corp.: June 1 Collected $5,000 rent from a tenant for the month of June June 15 Sold $1,000,000 in goods (inventory cost $750,000) June 17 Paid operating expenses of $50,000 arising from expenses incurred in May June 18 Collected $18,000 from customers on account June 24 Purchased $800,000 in inventory; paid 50% in cash June 28 Incurred $75,000 operating expenses June 30 Received a utilities bill ($2,000) for the month of June Net income for the month of June is: a) $178,000 b) $173,000 c) $128,000 d) $180,000