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

$187,000

$63,500

$82,300

$362,500

$381,300