Ranger Remodeling reported the following unadjusted balances as of 12/31/2018. These balances are before considering the below 3 situations (labeled A, B, and C):

Revenue $672,000

Expense 515,000

A. Ranger has 12 employees. The employees work each Tuesday through Saturday, get paid holidays and never have overtime. Payroll is paid on the 2nd and 4th Saturday of each month (payroll dates are shown below in bold with *) and includes wages for the time worked on the pay date as well. Employees earned a total of $30,900 for the ten-day payroll period ending on January 4, 2019.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday
8-Dec	9-Dec	10-Dec	11-Dec	12-Dec	13-Dec	14-Dec
15-Dec	16-Dec	17-Dec	18-Dec	19-Dec	20-Dec	*21-Dec
22-Dec	23-Dec	24-Dec	25-Dec	26-Dec	27-Dec	28-Dec
29-Dec	30-Dec	31-Dec	1-Jan	2-Jan	3-Jan	*4-Jan
5-Jan	6-Jan	7-Jan	8-Jan	9-Jan	10-Jan	11-Jan

B. On October 1, 2018 Ranger borrowed $60,000 to finance a new equipment purchase. The nine-month loan charges 9% interest and all interest and principal will be paid at maturity (June 30, 2019). No additional entries have been made since recording the loan proceeds on October 1.

C. On December 1, 2018, Ranger paid $6,900 for 60 individual 30 second radio advertisements. On December 1, the entire $6,900 payment was recorded to expense and no additional entries related to the 60 radio ads have been made since this date. As of 12/31/2018, 32 ads have played on the radio and the remaining 28 ads are scheduled to play in 2019.

Consider the above information and select the answer choice below that shows Rangers adjusted net income for the twelve months ended 12/31/2018.

A.

$140,330

B.

$120,620

C.

$133,430

D.

$139,880

E.

None of the answer choices provided are correct.