Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700, and withdrew $18,800 from the business during the current year. The owners capital account before closing had a balance of $299,000. The Net Income for the year is:

Multiple Choice

A) $187,000

B) $63,500

C) $82,300

D) $362,500

E) $381,300