The following are the business transactions for a company: 1. Deposited $100,000 cash in a bank account. 2. Paid $24,000 cash in rent 3. Purchased furniture for $5,000 paying 10% down with cash and remaining on account. 4. Obtained a loan $50,000 5. Purchased a machine for $10,000 on account 6. Paid cash to settle the remainder of the furniture 7. Bought supplies for the machine worth $5000 with cash 8. Paid 5% interest on the $50,000 loan 9. Repaid $10,000 of the $50,000 loan 10. Paid salaries of $18,000 11. Provided services worth $12,000 receiving $1200 in cash and remaining on account. 12. Ended with no supply balance What is the net income? A. 37500 B. 37500 (i.e. loss) C. 61500 D. 49500