Randolph Company starts business on January 1, 2020. The following transactions occurred in 2020 1 - Total sales equals $90,250 and 80% of these sales were cash sales. 2- Merchandise inventory costing $55,000 was purchased on account Cost of goods sold during the year was $45,000. 3- 4- 5- Payments made to suppliers of merchandise inventory totalled $35,000. Wages of $34,000 were paid during the year. In addition, wages of $4,500 remained unpaid at year end. Office supplies costing $5,000 were purchased on account during the year. $4,500 of the supplies were still unused at the end of the year. Paid $700 for the office supplies that were purchased on account. 6- 7- Based on the foregoing transactions for Randolph Company, net income (loss) that would be reported under the accrual basis equals a. ($3,750) b. $16,250 c. $6,250 d. $2,250