Simpson Corporation began the year with cash of $140,000 and land that cost $15,000. During the year Simpson earned service revenue of $250,000 and had the following expenses: salaries, $185,000; rent, $73,000; and utilities, $28,000. At year-end Simpson's cash balance was down to $16,000. How much net income (or net loss) did Simpson experience for the year?

A.

$65,000

B.

$(36,000)

C.

$(8,000)

D.

$(160,000)