Sommer Corporation began the year with cash of $135,000 and land that cost $62,000. During the year Sommer earned service revenue of $280,000 and had the following expenses: salaries, $158,000; rent, $71,000; and utilities, $25,000. At year-end Sommer's cash balance was down to $79,000. How much net income (or net loss) did Sommer experience for the year? OA. $122,000 OB. $26,000 O C. $51,000 O D. $(30,000) ww