Squat XFit Inc. reported the following activities during 2020.

Activities during the year ($ in millions)	2020
Capital expenditures	67.3
Cost of goods sold	34.5
Cash purchases of inventory	24.6
Dividends	5.0
Income tax rate	25%
Interest expense	45.6
Net revenues	158.5
Other operating expenses	16.5
Purchases of intangible assets	45.0
Gain on sale of land	5.0
Selling, general, & administrative	14.9
Write-down of PP&E	7.0
Interest income	4.0
Depreciation expense	14.0
Amortization expense	9.0
Write down of inventory	5.0
Stock based compensation expense	12.0
Paydown of short term debt	4.0

Calculate net income for the year ending 12/31/2020.

A. $3.00 million

B. $3.75 million

C. $6.75 million

D. $15.75 million