The changes in account balances for Elder Company for 2016 are as follows: Assets $480,000 debit Common stock 250,000 credit Liabilities 160,000 credit Paid-in capitalexcess of par 30,000 credit Assuming the only changes in retained earnings in 2016 were for net income and a $50,000 dividend, what was net income for 2016? A. $40,000. B. $60,000. C. $70,000. D. $90,000.