Tara Westmont, the stockholder of Tiptoe Shoes, Inc, had annual revenues of dollar 187,000, expenses of dollar 104, 700. The company paid dollar 18, 800 cash in dividends to the owner (sole shareholder). The retained earnings account before closing had a balance of dollar 299,000 The Net income for the year is: dollar 187,000 dollar 63, 500 dollar 82, 300 dollar 362, 500 dollar 381, 300