Potter Company reports the following line items at the end of the first year of operations: Long-Term Notes Payable $50,000 Accounts Receivable $28,000 Accounts Payable $37,000 Building $55,000 Cash and Cash Equivalents $80,000 Salaries Expense $22,500 Common Stock $132,000 Interest Payable $1,500 Land $40,000 Short-term Investments $5,000 Income Taxes Payable $10,000 Equipment $59,500 Supplies $5,000 Service Revenue $106,000 Supplies Expense $21,000 Accounts Payable $37,000 Building $55,000 Cash and Cash Equivalents $80,000 Salaries Expense $22,500 Common Stock $132,000 Interest Payable $1,500 Land $40,000 Short-term Investments $5,000* Income Taxes Payable $10,000 Equipment $59,500 Supplies $5,000 Service Revenue $106,000 Supplies Expense $21,000 Utilities Expense $9,500 Income Tax Expense $11,000 What is net income? OA. $132,000 B. $106,000 O c. $42,000 OD. $64,500