Terry Corporation began the year with cash of

$135,000

and land that cost

$24,800

. During the year Terry earned service revenue of

$270,000

and had the following expenses: salaries,

$160,000

; rent,

$81,000

; and utilities,

$24,000

. At year-end Terry's cash balance was down to

$23,000

. How much net income (or net loss) did Terry experience for the year?\ A.

$5,000

\ B.

$(107,000)

\ C.

$110,000

\ D.

$29,000

Terry Corporation began the year with cash of $135,000 and land that cost $24,800. During the year Terry earned service revenue of $270,000 and had the following expenses: salaries, $160,000 rent, $81,000; and utilities, $24,000. At year-end Terry's cash balance was down to $23,000. How much net income (or net loss) did Terry experience for the year? A. $5,000 B. $(107,000) C. $110,000 D. $29,000