Rigel Company had the following adjusted account balances as of December 31, 2020:

• Interest Income, 15,800
• Prepaid Insurance Expense, 40,000
• Purchases, 420,000
• Rent Income, 120,000
• Salaries Expense, 83,900
• Sales, 762,200
• Unearned Sales Revenue, 24,500
• Utilities Expense, 77,400

How much was the companys net income for the year 2020?

Group of answer choices

301,200

316,700

276,700

342,200