The ending retained earnings balance of Brothers Company is $700,000. Dividends declared are $150,000 during the current year. The beginning balance in retained earnings was $480,000. How much was the net income (loss) during the year?

A) $370,000 net loss

B) $700,000 net income

C) $370,000 net income

D) $220,000 net loss

E) $220,000 net income