The balance of stockholders' equity at the beginning of the year and the end of the year was $50,000 and $60,000, respectively. The company issued no common stock during the year. Dividends were $20,000. What was the net income or loss for the year?

A.

Net income of $80,000

B.

Net loss of $80,000

C.

Net income of $30,000

D.

Net loss of $30,000