The changes in account balances for Elder Company for 2018 are as follows: Assets Common stock Liabilities Paid-in capitalexcess of par 480,000 debit 250,000 credit 160,000 credit 30,000 credit Assuming the only changes in retained earnings in 2018 were for net income and a $50,000 dividend, what was net income for 2018? A. $40,000 B. $90,000 C. $60,000 D. $70,000