Question 7 The following facts pertain to Montecello Corporation for the cutent year: Retained earnings balance, January 1 5400 cod Cash dividends declared and paid in the current year 80.000 Retained earnings balance (after closing). December 31 520.000 Not income for the current yout m Based on the above facts, net income for the current year for Montecelio Corporation wordt $180,000 $160,000 O $200,000 $220,000